Angel’s Bitcoin Exposure
Not to draw too much attention away from what’s been a great week or two and what’s to be a solid week and weekend, but I’ve been tracking bitcoin price down to the close of the quarter (because that’s how ANGX will have to report it, regardless of price change between now and next earnings date) and how do you think most will interpret the next earnings report with a reduction in Bitcoin Reserve value that Angel holds? They had 303 bitcoin in the last earnings report. Valued at the time as $20.7million, factored in as part of their liquid reserves, when the price of bitcoin was $68,000+. With bitcoin at $58,000, that’s a 15% drop. The percentage looks worse than the total ($3m+). If bitcoin goes back up, it’s easy to call out at the earnings presser. Hope people don’t overreact (or maybe I do—buying opp), especially considering it’s a long-term reserve (characterized as their rainy day fund).