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'$1 Million Bitcoin' Advocate Samson Mow Owns Bitcoin ETFs, but He Sold MicroStrategy Shares

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Sat, 16/03/2024 - 9:37
'$1 Million Bitcoin' Advocate Samson Mow Owns Bitcoin ETFs, but He Sold MicroStrategy Shares
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Vocal Bitcoin supporter Samson Mow is the chief executive of BTC-focused company Jan3 and former CSO at Adam Back’s company Blockstream. Mow promotes the idea within the community that Bitcoin is going to definitely reach the level of 1 million U.S. dollars in terms of price.

Samson Mow makes "Bitcoin ETF confession"

Jan3 chief executive has tweeted that he holds some energy stocks and Bitcoin ETFs, apparently referring to spot-based ETFs, which have been trading since their approval made in the middle of January by the Securities and Exchange Commission.

Spot exchange-traded funds (ETFs) allow users to invest in Bitcoin and track its spot price without holding BTC directly, sparing them from all issues that come with BTC holding — potential losses to hackers and fraudsters, the necessity to keep one’s wallet password in safety and so on — by simply buying shares of those ETFs.

On Jan. 11, the SEC approved the launch of these ETFs, the biggest of which was rolled out by BlackRock — IBIT. Bitcoin inflows into these funds have been tremendous since their start. On March 15, the overall inflows into nine of them comprised 1,434 BTC worth $97.15 million. BlackRock added a lot more — 4,967 BTC evaluated at more than $336.5 million, and currently IBIT contains 228.613 BTC equal to approximately $15.5 billion.

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Mow sells MicroStrategy's "Bitcoin shares"

Besides, Mow stated that he had sold his MicroStrategy shares (MSTR), the company led by Bitcoin evangelist Michael Saylor. Since August 2020, it has been consistently purchasing Bitcoin with cash and adding BTC to its balance sheet.

Five days ago, the company acquired another massive BTC chuck of 12,000 coins, paying $821.7 million for that at an average price of $68,477 per coin. This Bitcoin was bought using proceeds from convertible notes and spare cash reserves of the company. Now, MicroStrategy holds a total of 205,000 BTC worth almost $10 billion.

As reported by U.Today on Friday, the company has announced a new debt offering to acquire still more Bitcoin for long-term storage on its balance sheet. Selling MSRT by Mow in favor of Bitcoin ETFs sounds like a step taken by a person who prefers to be as close to BTC as possible. Besides, as an “original gangster,” Mow is likely to be holding a large amount of Bitcoin directly.

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