• Thu. Jul 18th, 2024

Advocate for the “$1 Million Bitcoin” Samson Mow Is the Owner of Bitcoin Exchange-Traded Funds (ETFS), but He Sold Microstrategy Shares

Phillip Bryant

ByPhillip Bryant

Mar 16, 2024
Advocate for the “$1 Million Bitcoin” Samson Mow Is the Owner of Bitcoin Exchange-Traded Funds (ETFS), but He Sold Microstrategy Shares

Samson Mow, a staunch supporter of Bitcoin, currently serves as the Chief Executive Officer of Jan3, a company primarily concerned with Bitcoin. Prior to that, he was the Chief Security Officer at Blockstream, a company established by Adam Back. Mow is a staunch supporter of the belief that Bitcoin is on the verge of reaching a price of one million United States dollars within the world of cryptocurrency.

Samson Mow Admits to His Stance on the “Bitcoin ETF”

Recent tweets from the CEO revealed that he is the owner of a portfolio that includes energy stocks as well as Bitcoin exchange-traded funds. In this context, he is explicitly referring to spot-based exchange-traded funds (ETFs), which have been open for trading ever since the Securities and Exchange Commission gave its approval for them in the middle of January.

I need to admit something. I have a portfolio that includes energy stocks and Bitcoin ETFs

— Samson Mow

Exchange-traded funds, also known as ETFs, offer investors a convenient way to participate in the Bitcoin market and monitor its current price without possessing Bitcoin directly. As a result, the risks associated with holding Bitcoin, such as the possibility of losses due to hacking or fraud and the responsibility of protecting wallet passwords, are eliminated. On the other hand, investors can easily acquire exposure to Bitcoin by purchasing shares of these exchange-traded funds (ETFs).

Start Trading
Start Trading

The Securities and Exchange Commission (SEC) gave its approval for the introduction of these exchange-traded funds (ETFs) on January 11th, with BlackRock – IBIT being the largest of the batch. Since these funds were first established, there has been a tremendous increase in the amount of Bitcoin investments that have been poured into them.

Up until March 15th, a total of 1,434 Bitcoins with a value of $97.15 million had been transferred into nine of them. BlackRock has incorporated a sizeable quantity of additional assets, which amount to a total of 4,967 Bitcoins with a value of more than 236.5 million dollars. In addition, IBIT is currently in possession of 228.613 Bitcoins, which is roughly equivalent to $15.5 billion.

MicroStrategy’s “Bitcoin shares” are now available for purchase

In addition, Mow mentioned that he had sold his shares in MicroStrategy (MSTR), a company led by Michael Saylor, an advocate for Bitcoin. Since August 2020, the organization has consistently purchased Bitcoin with cash and incorporated It into its financial holdings.

The previous week, the organization made a substantial acquisition of 12,000 Bitcoins, which resulted in a total expenditure of $821.7 million and an average price of $68,477 per coin. These Bitcoins were acquired with money obtained from convertible notes and the company’s surplus cash reserves. At the moment, MicroStrategy is in possession of a collective total of 205,000 Bitcoins, which is equivalent to a value of almost $10 billion.

On Friday, the company announced that it would be conducting a new debt offering. This action is being taken with the intention of acquiring additional Bitcoin so that it can be incorporated into its balance sheet in the long term.

A person who is looking to get as close to Bitcoin as possible will decide to replace MSRT with Bitcoin exchange-traded funds (ETFs). Mow is likely directly in possession of a significant amount of Bitcoin, which is further evidence that he is a true pioneer in the cryptocurrency space.

Phillip Bryant

Phillip Bryant

Phillip Bryant, an esteemed writer in the financial field, imparts his extensive knowledge of currency markets to the readers of Main Crypto News. With a wealth of experience in international finance and a keen sense of market trends, Bryant offers timely and perceptive analysis of foreign exchange, keeping readers well-informed.

Leave a Reply

Your email address will not be published. Required fields are marked *