The 72nd Hoot

BlackRock Raises $47mil on the Blockchain 💰

May 6th, 2024

HAPPY MAY, SCATT FAMILY 😎

THE FED HELD RATES, AS EXPECTED.

AND WE ARE NOW 1 STEP CLOSER TO A FULL BLOWN BULL MARKET 🐂

Scatt's Weekly Seeds:

🌱BlackRock Raises $47mil on the Blockchain 💰

🌱A Look Inside a $4.5B Crypto Company 🔍

🌱Crypto Whales LOVE Dips 👀

🌱Hong Kong ETF Update 🚨

Meme of The Week

Feeling kind today - let’s do 2x MOTWs

Year-to-Date Returns:

  • Dow: 2.73%

  • S&P 500: 8.13%

  • Nasdaq Comp: 8.38%

  • Bitcoin: 51.50%

  • Ethereum: 34.93%

  • Solana: 47.36%

News Breakdown:

Crypto Market:

  • 7-DAY CRYPTO MARKET CAP CHANGE: $2B

  • CRYPTO INVESTMENT PRODUCT FLOW: $435M

  • AUSTRALIA POISED FOR SPOT BTC ETF LAUNCHES

  • BINANCE FOUNDER AND FORMER CEO SENTENCES TO 4 MONTHS IN PRISON

  • COINBASE’S Q1 REVENUE SURGES 71% TO $1.6B

  • PANTERA CAPITAL INVESTS IN TON BLOCKCHAIN LOOKING TO CAPITALIZE ON TELEGRAM USERS

  • CRYPTO MARKET SELLOFF LAST WEEK DRIVEN MAINLY BY RETAIL INVESTORS

  • SOMEONE LOST $60M OF BITCOIN BY SENDING IT TO THE WRONG ADDRESS

Credit & Debt Markets:

  • 10-YR TREASURY YIELD: 4.505%

  • MORGAN STANLEY & GOLDMAN LINING UP $1.1B OF DEBT FOR CVC CAPITAL PARTNERS

  • TGI FRIDAYS WORKING WITH GUGGENHEIM TO ADDRESS ITS DEBT + CONSIDER NEW LOAN THAT WOULD REFI $375M OF BONDS

  • KKR IN TALKS WITH BLACKSTONE FOR A $525M DEBT PACKAGE TO SUPPORT BID FOR PERPETUAL

  • ABU DHABI SWF ADQ IS PLANNING DEBUT DOLLAR BOND SALE

  • JPM, GOLDMAN, APOLLO AND OAKTREE LEAD $1.1B SYNDICATED REFI FOR ASC ENGINEERED SOLUTIONS

This Week’s Economic Calendar:

  • Consumer Credit (Tuesday)

  • Wholesale Inventories (Wednesday)

  • Several Fed Speakers Across the Week

BlackRock Raises $47mil on the Blockchain 💰

BlackRock showing us the way.

The world’s largest asset manager is moving deeper into the tokenization space.

They recently partnered with and led a $47mil funding round by blockchain-focused firm, Securitize.

Securitize specialize in bringing physical and traditional financial assets onto the blockchain.

$47mil is a not a lot of money sure… but you’ve got to start somewhere.

BlackRock is an industry leader though… Who are trendsetters.

Don’t forget that.

A Look Inside a $4.5B Crypto Company 🔍

Witnessing greatness.

Tether (the company behind the stablecoin USDT) recently released their quarterly numbers and MAN… things are insane.

  • $12.5B of fresh USDT was issued

  • Net Equity rose 61% to $11.4B

  • They own $90B of T-Bills

  • And added $1B to their reserves

An even better part is that they raked in a MONSTER record profit of $4.5B in just the first quarter.

That’s basically inline with the biggest banks out there ie. JPM, Bank of America, Goldman, Morgan Stanley etc.

But the best part is the PROFIT PER EMPLOYEE stats.

Now this is mind blowing 👇🏼

As civilization advances and makes progress, it’s all about the ability to do more, with less.

And that’s exactly what we’re witnessing here.

Like I said…

Greatness.

The volatility.

Some can’t handle it… but those who can, win.

So, while we saw Bitcoin dipped below the $60k threshold briefly and the whole world went into a full blown panic…

Whales aka the BIG Bitcoin holders accumulated about $3B worth of Bitcoin in that 24 hour period.

Over time, you start to understand the game and how it’s played.

Eventually you’ll get to the point where you get excited for pullbacks as opposed to nervous.

Think like winners = become one.

Hong Kong ETF Update 🚨

Talk about a rough first day.

The first Bitcoin and Ethereum ETFs were launched in Hong Kong last week

How did Day 1 go?

Eh… could’ve been better.

  • BTC ETFs saw $8.5M in trading volume

  • ETH ETFs saw $2.5M in trading volume

  • Total volume = $11M

Like I said… could’ve been better.

For reference, BTC ETFs in the U.S. saw $655M in trading volume on Day 1.

But a lot of funds’ 13-F filings (their quarterly report to the SEC) will tell us how many funds have positions in BTC ETFs.

We’ll wait and see.

But this was a long game, and we always knew that.

Crypto Cold Storage Options:

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy, sell or hold any assets or to make any financial decisions. Please be careful and do your own research.