Bitcoin Influencers Invited to Attend Wall Street Earning Calls

Welcome to the Rhino Roundup!

This weeks Bitcoin insights include 👇

1. SEC Approval for crypto in kind redemptions.

2. Bitcoin influencers invited to Strategy’s earnings webinar.

3. Lost and found: Satoshi Nakamoto’s Swiss statue.

Let's dive in!

1. SEC Approval for Crypto In Kind Redemptions

The SEC has finally permitted in-kind creations and redemptions for Electronically Traded Products (“ETP’s”).

Recall that all ETF’s issued by Blackrock, Fidelity, Grayscale etc., who hold massive amounts of Bitcoin in reserve, are all a subset type of ‘ETP’ and thus included in this new ruling.

Rhino COO Hector Alvero breaks down this new accountability placed on ETF providers and how legendary investors Ray Dalio and Larry Fink have (yet again) flip flopped their views on Bitcoin 👇

2. Bitcoin Influencers Invited to Wall Street Earnings Call

Strategy, who now hold more than 3% of all Bitcoin ever to exist, recently invited various prominent Bitcoiners to their Q2 earnings call to announce their results.

And their results were impressive! They reported $14B in operating income and $10B in net profit. They also increased their overall Bitcoin per share by 25% year to date, and are targeting an EPS of $80 per share by year end.

Amongst the Bitcoiners on the call were Lyn Alden, who’s question led to an interesting discussion on whether or not MSTR classified as a “Ponzi” given their use of issuance proceeds to fund dividends on their preferred shares.

The response was that Strategy could absorb an 80% drawdown in Bitcoin and still pay their dividends.

To Lyn, this represented a relatively safe capital structure for most investors and thus makes Strategy a suitable investment for a diversified portfolio alongside Bitcoin itself.

3. Lost and Found: Satoshi Nakamoto’s Swiss Statue

Satoshi’s iconic statue in Lugano was stolen over the weekend. The bronze bust of Satoshi coding on his computer was initially revealed last year as a tribute to Bitcoin’s pseudonymous creator.

Photos of the incident (above) show all that remains are the feet of the statue as local authorities investigate the incident.

While the vandalism itself is no joke, many Bitcoin OG’s chimed in on the symbolism of the act itself with comments from the likes of Adam Back pointing to the irony of Bitcoin’s founder disappearing (yet again).

Fortunately the statue was eventually recovered as SatoshiGallery (the group behind the statue initiative) offered a 0.1 Bitcoin reward!. The Lugano Municipality reported local teenagers were likely the culprits, stealing and vandalizing the statue following their Swiss National Day this last Friday August 1st.

Institutional Report of the Week

✍️ Who Wrote It?
CoinShares, Europe’s leading digital asset investment firm (their index is closely monitored and tracked by prominent asset allocators globally).

🧠 What’s the Big Idea?
Bitcoin lost some of its shine, as institutional allocators poured capital into Ethereum, likely driven by the rapid rise in new Ethereum Pubco’s looking to replicate (Micro)Strategy’s BTC treasury playbook success.

📉 Why It Matters
Although only tracking weekly timeframes, these flows can predicate a structural shift in broader market sentiment.

Are Bitcoin OG’s locking in their profits (suggesting a likely Bitcoin cycle top?) or are these flows just “tradfi” investors rotating capital seeking more speculative returns in Ethereum Pubco’s?

Either way, we’ll be monitoring the situation closely - that’s it for this week’s issue!

The Rhino Bitcoin Team