Since crypto’s downfall last year, investors, like Perth-based Bitcoin and digital asset fund manager DigitalX (ASX: DCC), have had to undertake some serious damage control.
Late last year, the CEO of crypto exchange FTX Sam Bankman-Fried was arrested for misusing customer funds. The revelations—of FTX funds being misdirected to Bankman-Fried’s trading company Alameda Research—sent not only FTT (the FTX token) tumbling but also the crypto industry as a whole.
DigitalX was prompt in selling off all of its FTT tokens. Now, it is Bitcoin’s turn.
Since April 2022, Bitcoin’s value has fallen consistently from about USD $48k to a mere $17k in Jan 2023. There was a 60% decline overall in its value.
For DigitalX, in December, the Bitcoin Fund declined 0.3% as the over DigitalX Fund fell 3.7%. Over the quarter, the Bitcoin Fund declined 18.8%. DigitalX’s strategy has, for the most part, been a conservative one. And that reflects in the Company’s decision to sell off 15 percent, or $800k, of its Bitcoin holdings.
DigitalX Chief Executive Officer, Lisa Wade (whose salary features bits of Bitcoin), said, “We believe 2023 will see further volatility across financial markets and expect the recent correlation to digital asset markets to continue.”
Pointing to the “negative month” and tough quarter for digital assets, she affirmed that DigitalX funds managed to outperform the Index, thanks to its diversification comprising some well-known names in the crypto universe, like Ethereum.
Plus, Wade is optimistic about the future of crypto. She commented, “We believe that the underperformance gap of digital asset markets to broader equity markets will close over the medium term (this gap is currently 55%) as we see further movement towards industry regulation and transition from traditional finance to decentralised finance.”
In the short term, she feels that digital asset markets must navigate the continued fallout from the collapse of FTX and the possibility of more Chapter 11 bankruptcies dominating news flow in January.
Highlighting DigitalX’s crypto investment strategy, Wade shared, “Our top investment themes continue to include: Real-world asset tokenisation, decentralised data (including ZK Rollups – a cryptographic proof to validate Ethereum transactions faster, cheaper and more securely), digital identity opportunities, and Web 3.0 infrastructure across decentralised application networks.”
With many countries set to develop central bank digital currencies (CBDCs), a semblance of regularity and legitimacy will meet crypto. According to Wade, this year, there will be a structural shift of financial infrastructure into Web 3.0 along with a growth in the institutional adoption of crypto. That would set crypto investors up for a much-needed profitable period.
Till that happens, however, DigitalX has every intention of playing it safe. In December, the Company converted $800,000 of its Bitcoin holdings held in the Treasury (15%) into cash. It is part of its strategy to more actively manage assets and optimise investment opportunities.
To generate shareholder value, the Company must avoid risk. And seeing how the outlook of Bitcoin—and crypto at large—is quite uncertain, existing only in predictions and assumptions, it might be best for crypto companies to sit back and see where the tide goes.
Currently, DigitalX has $10.9 million worth of DigitalX Bitcoin and digital asset holdings.
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