Hating Bitclout All the Way to the Bank

Everyone’s favorite social token lightning rod, Bitclout, keeps attracting money.

 The social media meets cryptocurrency project’s operational wallet has received more than 4,188 BTC as of this writing. Much of that money is believed to have been used to purchase the service’s utility token, Bitclout. And money keeps pouring in despite that, currently, it's very difficult to take it out. 

Last week, VC fund Flight.VC Syndicate had access to purchase Bitclout, and went out to investors with Kevyn Allen (of Shark Tank fame) and Gene Simmons (WMA) as advisors. The fund raised about $5 million in the round in a little more than 24 hours. Bitclout is a social network, similar to Twitter, that also allows users to invest in any other user through their own social token. 

The service, potentially by design, found itself in a storm of controversy, recently, when it launched by pre-populating its service with the 15,000 most followed Twitter accounts, allowing people to invest in those accounts without permission. The service also does not currently have a withdrawal mechanism and its founder has yet to be officially or publicly named, though aggrieved Twitter celebrities have been sending cease and desist letters to Nader Al-Naji, founder of failed stablecoin Basis

Big Firms Snapping up Grayscale's Bitcoin, Ethereum offerings

At least 13 $100M firms have reported holding Grayscale Bitcoin Trust this quarter and another four have reported holding its Ethereum offering — a sign that institutions are getting involved in crypto at record pace. 

Rothschild Investment Corp, Adams Asset Advisors and Edge Wealth Management have each reported holding more than 35,000 shares of $BTC. Rothschild, meanwhile, added a whopping 265,000+ shares of Grayscale Ethereum Trust, filings to the Securities and Exchange Commission show. Asset managers holding more than $100 million have to file their holdings quarterly. 

They typically get published through early May, a strong indication more large financial institutions are investing in crypto than ever before. Last quarter, 15 firms reported some kind of bitcoin or ethereum exposure in their portfolios. 

Kentucky Trying to Lure Bitcoin Miners with Tax Incentives

Finding the best place to set up U.S. bitcoin mining operations used to be a matter of sorting average utility rates in ascending order.

But now you could argue anyone setting up mining machines without securing incentives from the local government is doing it wrong. Kentucky last month extended tax breaks and clean energy incentives to miners investing at least $1 million in equipment, hoping to attract industry to towns suffering from manufacturers that have left the state. 

The incentives go into effect this July.Other states to watch: Texas, Oklahoma and Wyoming.

Weybridge Capital Adds Another Crypto Vet To Its Roster

Better late than never, right? Our EiC, Michael Bodley, has the Weybridge Capital news he promised you last week…

We’ve got some more deets on Antonio Hallak and Melissa Fox’s latest crypto hedge fund venture. Turns out the startup, Weybridge Capital, has a third alts-investing vet in the mix.

Carey Harrold is on board, sources say. Harrold worked with Fox and Hallak at Virgil Quantitative Research, where he held the title of director of finance. Harrold is best known in crypto circles for his 17-year stint at Jump Trading of Chicago.

Indications are that Fox is getting some traction on the capital-raising front for Weybridge. Fox has been spreading the word about the new venture on her LinkedIn profile:

“Weybridge Capital Management LLC is launching Weybridge Fund LP, a multi-strategy quantitative fund exclusively focused on trading cryptoassets. Our approach provides investors with an institutional grade infrastructure especially designed for a decentralized asset class. With rapidly evolving cryptocurrency markets, Weybridge offers investors a way to actively capture inefficiencies without assuming the risks associated with directional bets or passive investing.”

Hating Bitclout All the Way to the Bank

Everyone’s favorite social token lightning rod, Bitclout, keeps attracting money.

 The social media meets cryptocurrency project’s operational wallet has received more than 4,188 BTC as of this writing. Much of that money is believed to have been used to purchase the service’s utility token, Bitclout. And money keeps pouring in despite that, currently, it's very difficult to take it out. 

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