Happy Monday, Blockfolians
Everyone is getting hyped about Coinbase’s upcoming IPO. Will it begin the next leg of the bull market?
It’s likely that at least part of the answer to that question rests on the question of whether institutional demand for bitcoin (and other crypto) continues or even grows.
Some intriguing news on that front. SEC filings from last week show that billionaire Dan Loeb’s Third Point hedge fund has crypto holdings with Coinbase. In total, Third Point manages about $17B and has crypto with five of their funds.
When the article was published, Loeb had this cheeky response.
CoinDesk @CoinDeskSCOOP: Hedge funder @DanielSLoeb1’s $17 billion @ThirdPointLLC is a client of @coinbase's custody arm, SEC filings show. @realDannyNelson reports https://t.co/osOsfCtzSm
Bonus points for the laser eyes.
If Third Point is any indication, there’s even more institutional bitcoin buying than we know.
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
Telegram is eyeing an IPO
COPA sues Craig Wright over the Bitcoin white paper
Circle steals Dante Disparte from Diem/Libra
Galaxy Digital becomes the latest to file for an ETF
An absolutely phenomenal thread on where Bitcoin is and where it’s headed
Sam’s take on Binance following FTX into the wild world of tokenized stocks
A Really Big Number We Should Be Paying Attention To
That’s how much legendary rapper Nas stands to make from the Coinbase public listing.
presented without comment