That says they bought nearly $1b in traditional currency with the money they raised from the dump, but does that mean that is all they got out of their 1.5b purchase and they lost half a billion?
The article says they sold only 75% of their holding, so that near $1bn would have come from about $1.1bn of Bitcoin they had originally purchased, therefore a loss of around $160m rather than half a billion?
Why are they holding that much “cash” in the first place? That cannot be normal, even for a borderline profitable start up.
From what I remember they were burning through their cash before the pandemic, so when they announced the share split and the price boomed I think they issued some more shares to build up their cash reserves. They then claimed in their filings with the SEC that the Bitcoin was to “diversify and maximise” returns on its cash.
Well, I just googled and apparently Ford have over 40 billion cash on hand, and Apple over 200b, so I guess the premise of my question was bullshit anyway.
Don’t know if this is genuine, if so it will be interesting to see how it pans out.
Valuable career advice here for how to get ahead in this economy
No Tory links? Wow that’s amazing.
In order to keep my mind off recent results and all the negativity that naturally follows I have taken up a new hobby…reading bulletin boards for Cineworld shares…actually it’s less a hobby and more of an addiction…
Last week stories broke in the media that the Cinema company may look to go into Chapter 11 in the US and look to come to some other agreements with other jurisdictions due to it’s heavy debts and the slow recovery of audiences (partly due to fewer blockbuster movies being released) appears to have led the company fail one of its borrowing tests so it is struggling to get lenders to give it more cash.
The company then issued a statement saying that shareholders may get significantly diluted… the share price collapsed by 50-60% in one day and this week has been dropping further every day this week - down a further 30% today as I write…
This is a company that as of this week had a market cap of less than £40m (had been in the £ Billions pre Covid) debt of about £5bn (not including leases expected to cost a further £4-5bn across their lifetime) and is currently appealing a decision by the courts that told them they needed to pay over £1bn to a Canadian company for backing out of a takeover) that would be in addition to the existing debt!
So far the bulletin board is strongly divided between one group who are telling everyone else they should sell the shares because they are going to zero, and the other side who are YOLOing! 
Wow. How the hell does that happen?
Yeah I invest in some microcaps down under and read lots of the same. Just a warning though - don’t fall into the pattern of making investment decisions based upon what you read - you can quickly end up in an Alice in Wonderland situation. For eg., one investment (which I’ve recently exited with an almost 90% loss) retains a large core of ‘true believers’ on this board who rationalise away all the red flags and whom you’d never guess that, based on their claimed holdings, would have taken material losses and would not be posting sanguinely.
Crikey!
Please tell me Dom Raab hasn’t used that to justify the UK’s inflation is “not that bad”?
Let’s Go Brandon!