Hit the Road, @jack

Good morning. Today we've got growth in bitcoin distribution, billions of dollars backing gamers (told you, Mom), a spot-bitcoin investment product...in Europe, and more!

What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis

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Top 5:

1. Bitcoin's On-Chain Distribution Continues To Be More Decentralized
   Distribution of on-chain bitcoin ownership continues to grow, with the number of individual addresses holding 0.01 bitcoin or more reaching 9.3 million, a new all-time high. Growth in the number of bitcoin users, miners, and node operators is a boon to the network's security and growth.

2. Citigroup Alum Matt Zhang Launches $1.5 Billion Crypto-Investing Venture
Matt Zhang, former head of Citigroup's structured-products trading and solutions division, is next in line in the recent rash of billion dollar plus crypto fund launches. The new firm, called Hivemind, will follow four main investment strategies: 1) staking, 2) yield management, 3) trading, and 4) "play-to-earn". The fourth and most interesting leg of this investment strategy will be led by Sam Peurifoy, former Goldman analyst and online gamer "Das Kapitalist". Play-to-earn essentially means earning crypto tokens based in-game progress and performance. Peurifoy already has experience in the space and has backed players on the play-to-earn game Axie, in exchange for a share of their winnings. The team at Hivemind believes this particular piece of the fund could be a differentiator to investors and their first step will be to help scale gaming communities in the play-to-earn space.

3. MicroStrategy’s Bitcoin Stake Has Doubled in Value to $7 Billion
MicroStrategy bought the dip...again. On Monday, CEO Michael Saylor announced the purchase of an additional 7,002 bitcoins at a valuation of ~$414.4 million. The purchase further cements MicroStrategy's position as the largest corporate holder of the cryptocurrency, with a total 121,044 bitcoins on the books (around $3.5 billion) at an average purchase price of ~$29,534. MicroStrategy stock rose 4.5% after Saylor tweeted news of the purchase. The firm's strategy of leveraging both equity and debt markets to fund additional bitcoin purchases has made Saylor one of the most prominent faces in crypto.  

4. Invesco enters crypto ETP space with bitcoin launch
Invesco, the Atlanta based investment manager, has crossed the Atlantic to launch an exchange-traded product (ETP) backed by "physical" bitcoin rather than futures contracts. Invesco Physical Bitcoin ETIP (ticker: BTIC), as the product is known, is listed on the German exchange Deutsche Boerse. BTIC will be marketed to institutional investors and provide direct exposure to bitcoin. Zodia Custody, an FCA-registered firm in the UK, will custody the bitcoin on behalf of BTIC.

5. Jack Dorsey’s departure from Twitter gives him more time to focus on his passion for bitcoin
“If I were not at Square or Twitter, I’d be working on bitcoin,” Jack Dorsey told a crowd at the crypto conference, Bitcoin 2021. Well now it's one down and one to go for Jack, as the Twitter CEO announced on Monday that he was stepping down from his role effective immediately. At Square, Jack will continue to operate as the Chief Executive and may now have some more time to focus on crypto initiatives that the firm is already pursuing. Just this year, Square has announced a new business dedicated to DeFi applications for bitcoin, a decentralized exchanged (tbDEX), potentially getting into bitcoin mining, and the development of a hardware wallet.

Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Lauren A. - Nashville, TN

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.