MARKETS DAILY: Russian Drugs and The Most Illegal ICO Ever?

If you look in the market, it’s trading a little shy of 200. So conceivably they would go out and buy it for 200. And you know, they said, oh is worth $255. But we bought it for $200 we’re giving it to you. Didn’t look like they did that. That doesn’t mean they didn’t do it, but nonetheless, there’s no evidence of it in the market. It’s still quite a statement for them to say We’re going to give you all these puts. We’re going to write all these puts and give it to our customers. We’re really going gung-ho for the price of bitcoin to go up. That’s how much faith we have in our equipment and you as a customer and bitcoin in general. But of course, it could also just be being a cowboy, a Texas hedge here, we won’t know for sure, but all remains to be seen. So, this is going to be a very interesting three months, for Bitmain. It won’t be the biggest marketing expense, but if you think about it, if they sold 500,000 units right now over the next few days or few weeks using this incentive program at the present time they would probably have to sell about 3700 bitcoin just to be what they call Delta neutral, which is no exposure in the market. That’s quite a lot of bitcoin, close to $26 million worth. But it looks like that’s not a big chunk out of their Bitcoin holdings. Nonetheless, $26 million is nothing to sneeze at.