The Hoot #35

First Spot Bitcoin ETF 🇪🇺

Author

Matt Brimacombe
August 21st, 2023

Scatt's Seeds for Thought:

🌱 Europe Launches First Spot Bitcoin ETF 🇪🇺

🌱 World’s Biggest Sovereign Wealth Fund 📈

🌱 Visa & The Blockchain 💳

🌱 Warren Buffett Portfolio Update 📊

Meme of The Week

Year-to-date Market Performance:

  • S&P 500: 13.81%

  • Dow: 4.08%

  • Nasdaq Comp: 26.98%

  • Bitcoin: 58.09%

  • Ethereum: 38.19%

  • Scatt Capital’s Fortune Strategy: 1.77% (Since Inception (12/22): -2.57%)

Market News:

  • 7-Day Change in Crypto Market Cap: -$117bn

  • CHINA EVERGRANDE FILES FOR BANKRUPTCY

  • MAUI FIRE DEATH TOLL HITS 96

  • MORE BANKRUPTCIES IN 7 MONTHS OF ‘23 THAN ENTIRE ‘22

  • MICHAEL BURRY TAKES SHORT POSITION AGAINST MARKET

  • CHINA CUTS KEY RATES ON WEAK JULY DATA

  • OUT OF OPTIONS AND MONEY, ARGENTINA HITS PANIC BUTTON

  • HEDGE FUNDS PREP FOR LEGAL BATTLE OVER FEE DISCLOSURES

  • CHINESE GOVT. TELLING FUNDS TO NOT SELL CHINESE STOCKS

  • FITCH LOOKING TO DOWNGRADE SEVERAL BANKS

  • U.S. RETAIL SALES TOP ESTIMATES: CONSUMER RESILIENCE

  • FED SEES SIGNIFICANT INFLATION RISK IN COMING MONTHS

  • BOND YIELDS HIT HIGHEST SINCE 2008

  • VC FUNDS STRUGGLE TO RAISE CAPITAL IN CHINA

  • THE WEEK AHEAD: 

    • Home Sales

    • Fed Officials Interviews at Jackson Hole Summit

Europe Launches First Spot Bitcoin ETF 🇪🇺

Ladies & Gentlemen… it is finally here.

Jacobi Asset Management has done it: The first spot Bitcoin ETF.

It has finally listed under the ticker “BCOIN” after 2 years post-approval.

Guys, this is pretty game-changing.

Having convenient, reputable access to Bitcoin is the next major step in the cycle.

Strap in...

World’s Biggest Sovereign Wealth Fund 📈

Absolute behemoth.

The Norway Government Pension Fund Global is a monster: $1.4 trillion.

By measure of assets & GDP, it would be the 14th largest country in the world.

The scary thing? This beast of a fund still produces phenomenal returns.

In the first 6 months of 2023, it had already made 10%… or $143 billion.

Boom 📈

Visa & The Blockchain 💳

Crypto hits mainstream…

In crypto we have ‘gas fees: fees to send/receive crypto on the blockchain.

On Ethereum, these fees are dictated by activity levels.

I.e. increased activity… higher gas fees.

But they can be a pain in the a** to take care of…

So Visa has stepped up the plate.

They are working on a mainstream method of paying gas fees with your credit card 💳

This could be a massive onramp for retail money…

Very positive.

Warren Buffett Portfolio Update 📊

Like a good happy hour at a bar, Buffett just can’t stop buying.

Berkshire Hathaway recently reported their holdings (13-F report).

Here are the major changes:

  • DR Horton Inc - New Buy

  • NVR Inc - New Buy

  • Lennar Corp Class B - New Buy

  • McKesson - Sold Out

  • Marsh & McLennan - Sold Out

  • Vitesse Energy - Sold Out

Away from the details… here are 3 main takeaways:

  • He is betting on U.S. homebuilders

  • He increased his positions in Apple & other top holdings

  • His biggest reduction was in Activision - a merger-arbitrage play

His top holdings and their weightings are:

  • Apple: 51%

  • Bank of America: 8.5%

  • American Express: 7.6%

One thing is for sure… he reaaally likes Apples 🍎

If you like receiving market updates, check us out here on LinkedIn; here on Twitter; or here on Instagram 📊

See you next week 🦉

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