📌 Bitcoin Mining Council Hot Take, Coinbase Looks to Buy OBTC, and Breaking Down the Crypto Crash

May 26, 2021 | Issue #170


A Bitcoin Mining Council?

After last week's hissy fit around environmental concerns, Elon Musk seems to have changed his tune (a bit).

Over the weekend, Elon Musk, Michael Saylor, and a cabal of "leading" Bitcoin miners in North America... agreed to form the Bitcoin Mining Council to "promote energy usage transparency and accelerate sustainability initiatives worldwide."

Yeesh, fellas.

Look, we get it, you both own billions of dollars worth of the asset. We all know that somewhere on a spreadsheet you have a stop loss that would really hurt if it was triggered...

But causing a short-term bottom in Bitcoin's price with a "mining council" seems like a cut the nose to spite the face. It's a slippery slope.

As Marty Bent puts it, "this is the opposite of owning the framing."

No offense, but we aren't the biggest fan of two individuals who have been convicted of fraud running the narrative around Bitcoin.

We like Saylor and Musk as much as the next guys, but we thought the point was not to have a "face" of Bitcoin. Now, to be fair, perhaps this isn't as ominous as it sounds (here's Nic Carter explaining why), but some part of this just doesn't feel right.

Let's also not forget that BlackRock, which is using its voting power to push ESG (the same company forcing Exxon to clean up its act), owns a 15% stake in Microstrategy (MSTR) and a 4% stake in Tesla (TSLA). Perhaps there's an alternative motive? A behind-closed-doors threat? It's quite a stretch, we know, but it's certainly possible.

Coinbase in Talks to Buy Asset Manager Osprey Funds

Coinbase is in the process of acquiring asset management firm Osprey Funds, according to two people with knowledge of the deal.

Osprey, which is known for its Bitcoin fund (OBTC), was in the news recently for launching a fund specializing in Polkadot – an alternative public blockchain to Ethereum.

Why would an acquisition make “strategic sense" for Coinbase here?
  1. Adding asset management capability would increase subscription/recurring revenue
  2. Increasing COIN’s custody business
  3. Complementing COIN’s prime brokerage business

TLDR: The company undoubtedly wants to play a leading role in areas adjacent to their current offerings, such as funds that allow exposure to the price of Bitcoin without having to buy BTC directly. Furthermore, funds such as Osprey’s are regulated, making them suitable for high-level institutional investors.

Galaxy Digital Continues Its M&A Streak

Galaxy Digital (GLXY) announced that it has bought Vision Hill Group for an undisclosed sum. Vision Hill develops market intelligence products such as hedge fund indices and a buy-side database for institutional clients.

The deal follows a string of recent acquisitions including BitGo, DrawBridge Lending, and Blue Fire Capital.


Titan Crypto - The first actively managed crypto product available to all U.S. investors

Titan is excited to be launching Titan Crypto, the first actively managed crypto strategy available to all U.S. Investors (non accredited, accredited).

From Titan’s Chief Investment Officer -

“Despite the explosive returns to date, crypto is not an easy asset class to understand and invest in, which is why we believe Titan’s active management can add tremendous value. 

Our Investment Team conducts deep fundamental and quantitative research to identify what we believe to be the highest quality cryptoassets, and actively manages a portfolio that we believe is positioned for outstanding long-term returns. This includes rebalancing and tactical trading during periods of excess volatility, aiming to enhance risk-adjusted returns."

Join the waitlist to gain access to Titan Crypto for no Titan fees when they launch ($0 commissions, 0% advisory fees)  — only valid for those on the waitlist!

Join the waitlist


The Limits to Blockchain Scalability

After a couple tweets from Elon around scaling DogeCoin went viral, Vitalik Buterin released a post exploring why no, you can't just speed up block times and increase block size.

Vitalik: 1
Elon: 0

A Data-Driven Analysis of the May 2021 Crypto Crash

The recent sell-off has been painful in the short-term. But over the long-term, a stronger foundation is being built. A big shift is occurring, and some of the biggest criticisms of Bitcoin are potentially being torn down.

Here's another perfectly timed piece from the team at CoinMetrics fueled by data, not headlines.

Related Reading:

Addressing Common Criticisms about Ethereum

Here's an awesome Reddit post that directly addresses the common criticisms of Ethereum.

"This space is rife with misinformation, FUD, and downright lies. I hope this encourages people to think critically and find accurate information for themselves."


The Only Escape Route Left For Your Money

There's a massive market shift coming. And most American's are woefully unprepared...

With all the hysteria going on in today’s “bull market,” a plan for protection is more important now than ever before. It's time to prepare.

This is what I'm doing to protect my family and my finances - I recommend you do the same.


U.S. Treasury Calls for Stricter Cryptocurrency Compliance with IRS

The U.S Treasury Department is looking to require all cryptocurrency transactions with a fair market value of more than $10,000 to be reported to the IRS.

We suspect it's going to be very similar to existing cash reporting requirements; where it only applies to businesses receiving physical cash payments.


Other Articles You May Enjoy

  • 🎙️ [Podcast] Ethereum: Into the Ether
  • Upstart peer-to-peer crypto exchanges take aim at Coinbase
  • Dapper Labs’ NBA Top Shot has crossed the million-user mark
  • Extreme moves in Bitcoin clearly impacted the US equity markets last week
  • Ray Dalio: ‘I have some bitcoin’
  • Mark Cuban invests in Polygon
  • Dfinity is giving developers $200M to build on 'The internet computer'
  • PayPal will let customers withdraw crypto
  • Digital asset hedge fund One River files with SEC to create a carbon-neutral bitcoin ETF
  • How TikTok cryptocurrency influencers are teaching a new generation of investors
  • BlackRock still 'studying' bitcoin, wary of market volatility
  • CoinShares to launch business segment following record Q1
The CoinSnacks weekly digest is a manually curated newsletter that delivers fresh content covering cryptoassets and the evolving blockchain community for investors around the world. The digest is curated by CoinSnacks employees and sent once a week.
CoinSnacks | 5500 Military Trail Suite 22-250 | Jupiter, Florida | 33458

SponsorUnsubscribe | View in Browser

Older messages

The Truth Behind This Week’s Tumble

Tuesday, May 25, 2021

Editor's Note: Please take a moment to read this special message from our sponsor, Thunderclap Research. The month of May has been a rough one. Crypto assets across the board have been bleeding...

📌 The ETH Bull Case, China Bans Crypto, and Let’s Talk About this Crash…

Wednesday, May 19, 2021

May 19, 2021 | Issue #169 MUST READS It was Inevitable. Well, as we're sure all our readers out there are quite aware, we have a bit of a market crash going on. To put it simply, pretty much every

6x the Potential of Bitcoin

Tuesday, May 18, 2021

Editor's Note: Please take a moment to read this special message from our sponsor, Stansberry Research. Dear Reader, After 2 years of research… As crypto markets tumble, there's one move we

📌 Bitwise Launches Crypto ETF, Financial Privilege, and the State of Bitcoin

Friday, May 14, 2021

May 12, 2021 | Issue #168 MUST READS Check Your Financial Privilege In the eyes of most Western elites, Bitcoin rates anywhere from an annoyance to a disaster. Over the past decade, financial experts,

Get out of stock options now

Tuesday, May 11, 2021

Editor's Note: Please take a moment to read this special message from our sponsor, Casey Research. Dear Reader, Stock options are dead. Because there's a new way to trade. It can pay far more

Marty's Ƀent - June 23rd, 2021 - Issue #1018

Wednesday, June 23, 2021

Wednesday, June 23rd 2021 - Issue #1018 The dangers of "smart" tech in your home Here's a terrifying story out of Texas related to the grid stress the state has been experiencing during

📌 The Great Mining Migration, Where Large Investors Are Flocking, and Mark Cuban Gets Humbled

Wednesday, June 23, 2021

June 23, 2021 | Issue #174 MUST READS The Mining Migration Begins By now, it should be clear that the “hashrate migration” is real: Miners are leaving China for good. As of April 2020, an estimated 65%

How Mirror's Rising Token Price Played Out On-Chain

Wednesday, June 23, 2021

Mirror Protocol saw prices rise more than 30% last weekend. What caused the climbing price, and how did it affect activity on the protocol? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Marty's Ƀent - June 22nd, 2021 - Issue #1017

Tuesday, June 22, 2021

Tuesday, June 22nd 2021 - Issue #1017 The Great Mining Migration is under way. Those abroad should heed the warning. As I'm sure most of you freaks are aware of by now, there is a great bitcoin

Terra Ecosystem Map

Tuesday, June 22, 2021

See How Flipside Crypto's Data Is Organized ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

What This Millionaire Did in a Coffee Shop Is Groundbreaking

Tuesday, June 22, 2021

Editor's Note: We are always on the lookout for the latest financial news to share with you. Below is a special message from our friends over at Casey Research that we found particularly insightful

👉 Bitcoin "Death Cross" FUD is Heating Up

Monday, June 21, 2021

We bring you the top stories in crypto every week! Stories like... Monday, June 21th, 2021 Sign Up Your Weekly Update On All Things Crypto In Partnership With: TL;DR Tesla To Start Accepting Bitcoin

The Sat Standard - Bitcoin Weekly - June 19 2021

Saturday, June 19, 2021

This week in bitcoin. Straight to the point. No bullshit. Every Saturday. View this email in your browser The Sat Standard This week in bitcoin. Straight to the point. No bullshit. Every Saturday.

Marty's Ƀent - June 18th, 2021 - Issue #1016

Friday, June 18, 2021

Friday, June 18th 2021 - Issue #1016 Capital misallocation is leading to dangerous externalities The world is entrenched in a collective insanity being driven by many individuals who have decided they

These 6 Compound Data Dashboards Won The Grand Prize

Friday, June 18, 2021

Join us as we look at the best Compound data dashboards from our community of bounty hunters. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌