The world’s largest hedge fund is taking crypto seriously
With 100 new assets being added each week, Ray Dalio's Bridgewater is getting involved in crypto.
Hi Stackers,
Over 100 new investible crypto assets were added to Stack in the last week alone. And that’s in a bear market.
The pace of innovation is dizzying. As investors, we need tools to help cut through the noise.
That’s why we’re continually adding new features to Stack’s Prospector.
What can you do with the Prospector? Here are just a few use cases:
Spot new, small-cap investments with strong fundamentals, using Stack’s Ranks—Example
Find assets showing a spike in development activity—Example
See assets that are declining in development activity, or have been abandoned by developers—
Sort by Social Rank to find assets with the biggest social followings
With dozens of filters (and more being added each week), the possibilities are endless.
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Top News This Week
Bridgewater Associates begins to back their first crypto fund
According to CoinDesk, sources claim that the world's largest hedge fund, Bridgewater Associates, is planning to back an external vehicle. However, there is no current intention of directly investing in crypto assets.
The largest hedge fund, which is currently with $150 billion in assets under management (AUM), is taking crypto seriously. However, the size of Bridgewater's investment is relatively small compared to the total AUM. Bridgewater is taking a similar road to the London-based hedge fund Marshall Wace.
Coinbase Began Fixing The Issue That Halted Payments from US Banks and BMB Chain Halted After Potential Exploit Drained $100M in Crypto
Coinbase began resolving an issue that prevented the company from essentially processing transactions within U.S. bank accounts.
Based on an official statement issued by the company, they said, "We are currently unable to take payments or make withdrawals involving U.S. bank accounts. Our team is aware of this issue and is working on getting everything back to normal as soon as possible."
An hour later, the company said that the issue was identified and that a fix was being implemented. However, account holders could still use a debit card or PayPal account to make direct purchases.
Additionally, BNB Chain initially halted operation after a potential exploit resulted in a drain of $100 million in crypto. The Chain has since then resumed operation after addressing the issue, which allowed someone to create $570 million of the token; however, they could not fully create that amount.
Deutsche Telekom (D.T.) launches Ethereum Staking Validator, and Fidelity Revealed $5 Million Ethereum Index Fund
The parent company behind the wireless mobile operator T-mobile, known as Deutsche Telekom (D.T.), has announced that T-Systems MMS will support the Ethereum network by infrastructure in the form of validator nodes. Through an official press release, they revealed that T-Systems would also provide liquid Ether (ETH) staking services through a partnership with ETH staking service provider StakeWise.
Fidelity also announced that they had invested $5 million in a new Ethereum index fund, based on the registration documents filed with the U.S. Securities and Exchange Commission. The asset manager has $4.5 trillion on its books and registered the Ethereum Index Fund, where the SEC filing indicates that the first sale took place on September 26.
Top Celsius Executives Cashed Out $17 Million in Crypto Before the Bankruptcy
Based on data from the Statement of Financial Affairs, former CEO Alex Mashinsky and former CSO Daniel Leon withdrew funds from custody accounts in the form of numerous cryptocurrencies, including Bitcoin (BTC), Ether (ETH), USDC (USDC), and CEL Tokens (CEL).
Numerous other executives, such as Chief Compliance Officer Oren Blonstein, Chief Risk Officer Rodney Sunada-Wong, and new CEO Chris Ferraro, did not make any significant withdrawals throughout this point.
That said, Mashinsky withdrew about $10 million in cryptocurrency in May 2022, while Leon withdrew $7 million and an additional $4 million worth of CEL denoted as collateral between May 27 and May 31.
MakerDAO Proceeded With a $500 Million Investment in Treasuries As Well as Bonds
MakerDAO is the governing body behind the Maker Protocol and has recently taken the first step towards reallocating $500 million of its stablecoin Dai (DAI) collateral reserves within short-term United States Treasuries and corporate bonds.
The DAO voted on October 6, where they approved a pilot transaction of $1 million, following an executive order from Maker (MKR) token holders. The rest of the funds would be reallocated following confirmation from the community.
Here, 80% of the $500 million will be invested in short-term U.S. Treasuries. Out of them, $160 million was allocated to the 0-1y U.S. Treasury iShares ETF, while $240 million was invested into the 1-3 year U.S. Treasury iShares exchange-traded fund (ETF) from BlackRock.
Thanks for reading,
James
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The code will work with both yearly and monthly plans. It’s only valid until the end of the month.