Breakfast Briefing: Coinbase’s Crypto Fund & Tesla’s 40% Rally

June 14, 2018
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The digital exchange announced that the fund will be available to accredited investors.

Editor’s Remarks: The move to offer the fund only to high-net-worth individuals seeking to invest between $250,000 and $20m is a controversial one. Blockchain technology is usually open source but increasingly US companies – especially those launching ICOs – are mitigating their compliance risk by offering assets only to accredited investors. Coinbase’s CEO Brian Armstrong said that the index fund would be substantially cheaper than crypto hedge funds that charge 2% management fees alongside 20% performance fees. He added that crypto assets will also be added to the fund as they grow in value and there will be no rebalancing across the portfolio.

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Tesla Shares Rally 40% Since March

Tesla shares have gained 40% since a low point back in the tail end of March.

Editor’s Remarks: Once again, Elon Musk has burned short sellers to the tune of $2bn this month alone although bearish hedge funds have doubled down on their bets. The latest uptick in Tesla’s share price was boosted by an analyst raising his quarterly estimation of Model 3 deliveries by 50% after conversations with Tesla dealers. Musk, meanwhile, is hoping that his factory can churn out 5,000 cars a week by the end of this month. The rally has come despite CEO Musk’s unconventional analyst call during which he told volatility-shy investors not to buy Tesla shares and after mounting media pressure following a handful of fatal crashes.

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Bird Hits a $2bn Valuation

The electric scooter startup is raising more cash, reportedly at a $2bn valuation.

Editor’s Remarks: Bird raised $150m just a few weeks ago but is expected to raise another round to capitalise on a market that is increasingly bullish on alternative transport. Bird is shaping up to be one of this year’s fastest-growing startups, given that its valuation was “just” $300m at the start of the year and is now nearly $2bn. Although electric scooter startups have faced significant regulatory hurdles in cities such as San Francisco, due to riders dropping scooters off in inconvenient locations, Bird’s popularity has sky-rocketed in a number of major cities.

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Grab Gets $1bn from Toyota

The Japanese automaker is leading Grab’s latest round of funding at a $10bn valuation.

Editor’s Remarks: Grab recently acquired Uber’s business in Southeast Asia and has been growing at a breakneck pace in 2018. In that time, Grab’s valuation has grown from $6bn to the $10bn price tag that the new round is expected to be held at. Late last year, Didi Chuxing and SoftBank – two of Grab’s oldest investors – piled in another $2bn into the company, which underscores the immense potential that global investors see in the ride-hailing market of Southeast Asia’s “tiger” economies. Grab says that the numbers prove this too: across the eight countries it operates in, it claims to have 100 million downloads.

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Adyen Gains 78% During Its IPO

The Dutch fintech firm launched a very successful IPO yesterday.

Editor’s Remarks: Adyen, a payments processor, is shaping up to be one of Europe’s hottest tech stocks at the moment. Its shares were priced at €240 – already at the upper end of the company’s prospective valuation – for a total market capitalisation of €7.1bn. However, when the markets opened, the shares were trading in excess of €400 as institutional shareholders piled in on the action. Notably, the fintech company is not issuing any new shares; instead, the IPO is a chance for existing investors to realise their investments. Adyen is profitable and last year generated $1bn in revenue.

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