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Crypto stocks surge: Coinbase up 69%, MicroStrategy up 74% since lows

January 18, 2023 Coin Telegraph

Bitfarms

Crypto-related stocks, ETFs and tokens have all surged in price so far in 2023 despite experts expecting the Federal Reserve to continue hiking interest rates.

The share price of cryptocurrency exchange Coinbase has surged by 69% since its all time lows and other crypto-related stocks including business intelligence firm MicroStrategy have recorded similar jumps with green candles all around since the start of 2023.

The share price of Coinbase fell as low as $31.95 on Jan. 6, before shooting up to $54.14 by the close of trading on Jan. 17.

*Coinbase’s share price for the last month. Source: Yahoo Finance*

The rising share price will likely be accompanied by a huge sigh of relief for Coinbase executives after a challenging 2022 saw it cut 20% of its workforce and decide to wind down its Japanese operations. Despite the surge, COIN remains more than 84% below its all time high.

Other crypto-related stocks such as MicroStrategy and digital payments company Block Inc. have also posted strong gains in the new year.

MicroStrategy's share price has increased to nearly $236 from a low of just over $135 on Dec. 29 — representing an increase of over 74% — while Jack Dorsey’s Block has seen its share price increase by a muted but still respectable 27%, after rebounding from a low of under $59 on Dec. 28 to over $75.

The rebound has been even more dramatic for crypto mining stocks. Bitfarms and Marathon Digital Holdings recorded surges of 140% and 120% respectively throughout the first two weeks of the year.

Crypto exchange-traded funds (ETFs) also rebounded to a lesser degree with Valkyrie Bitcoin Miners ETF (WGMI) more than doubling its price from a low of just over $4 on Dec. 28 to over $8.

The ProShares Bitcoin Strategy ETF (BITO) jumped from over $10 on Dec. 28 to a current price of around $13 — increasing by just under a third.

Even Grayscale Bitcoin Trust has managed to regain some of its 2022 losses, after increasing from a low of $7.76 on Dec. 28 to a current price of $11.72, a 51% increase.

While the trust is designed to mirror the price of Bitcoin (BTC) it often trades at a discount or premium to the value of its underlying holdings and is now sitting at a discount of just over 36% after having traded at over a 45% discount on Dec. 28.

Some pundits believe Bitcoin in particular has skyrocketed on the back of the positive inflation figures from the United States released on Jan. 12 — having increased in price by over 17% since then — but it is interesting to note that Dec. 28 seemed to represent a market bottom across many cryptocurrencies and stocks.

Total #crypto market cap is back over 1 trillion dollars!!! pic.twitter.com/wS4N9qjA4G
— Lark Davis (@TheCryptoLark) January 17, 2023

While the recent surge in crypto-related stocks is bound to be a huge relief to those who have invested in them, it is worth noting that many of these companies have a long way to go to return to thier all-time highs, as highlighted by a Jan. 10 tweet from financial advisor Genevieve Roch-Decter.

Crypto stocks over the last year:

Voyager -99.7%
Silvergate -90.8%
Marathon Digital -83.1%
Coinbase -82.3%
HIVE Blockchain -81.3%
MicroStrategy -63.9%
— Genevieve Roch-Decter, CFA (@GRDecter) January 10, 2023

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SBF borrowed $546M from Alameda to fund Robinhood share purchase

December 28, 2022 Coin Telegraph

SBF borrowed 6M from Alameda to fund Robinhood share purchase

affidavit

An affidavit by the FTX founder revealed Alameda funded the purchase of Robinhood shares which were later used as collateral for Alameda to secure a loan from BlockFi.

Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, borrowed over $546 million from the exchange’s sister firm Alameda Research to fund his purchase of Robinhood shares.

Those same shares were later used by Bankman-Fried as collateral for a loan taken by Alameda from BlockFi, one of the entities that are laying claim to the shares.

An affidavit by Bankman-Fried filed in the Antigua and Barbuda High Court on Dec. 12 — the day of his arrest — and made public on Dec. 27, revealed he and FTX co-founder Zixiao “Gary” Wang took out the loans from Alameda through four promissory notes between April and May 2022.

On Apr. 30 loans of around $316.6 million and $35.1 million were given to Bankman-Fried and Wang respectively. Later, two loans of around $175 million and $19.4 million were given to Bankman-Fried on May. 15.

The loans were used to fund Bankman-Fried’s Antiguan-based shell company Emergent Fidelity Technologies Ltd. which acquired a 7.6% stake in brokerage firm Robinhood in May at a price of $648 million at the time.

He added that if the sum paid by Emergent for the shares was more than the stated $546 million he has “not [sic] doubt that such additional sum was borrowed by Gary and I” to fund the acquisition of the Robinhood shares.

The revelation of the loans could complicate the ongoing legal tug of war for the over 56 million shares in Robinhood that are now worth around $430 million.

Embattled crypto lender BlockFi is suing Bankman-Fried’s Emergent for the Robinhood shares that were allegedly pledged as collateral for BlockFi’s loans to Alameda on Nov. 9.

FTX stepped in on Dec. 23, asking for assistance from a U.S. bankruptcy judge to prevent BlockFi from claiming the shares. It said the shares are owned by Alameda and insisted FTX companies should keep the Robinhood stake while investigations continue into other claims of their ownership.

Additionally, Bankman-Fried and FTX creditor Yonathan Ben Shimon are laying claim to the shares.

Previously, FTX’s Chapter 11 bankruptcy filings in the United States revealed Bankman-Fried was on the receiving end of a $1 billion personal loan from Alameda.

Former Alameda CEO Caroline Ellison said on Dec. 23 as part of her plea deal that “Alameda was borrowing funds that FTX’s customers had deposited onto the exchange.”

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