Money
Ethereum Down 47% Year-to-Date as Tom Lee Launches Copycat Treasury Play
The Peter Schiff Show
The Death Spiral Has Begun... Bitcoin, Tech, and Stretch All Cracking!
What was said
"Ethereum was down 21% today. Now I think it bounced back in the aftermarket, so it's probably not down. This is when the US stock market closed. Ethereum was down about 21%, down 47% so far on the year. But he's down over $10 billion on the Ethereum he bought. But he just announced, I think it was yesterday maybe, that they're filing to sell $300 million worth of convertible— I mean, a preferred, just like Strategy, with a 9.5% coupon, $300 million."
Schiff revealed that Tom Lee's Ethereum treasury company (MBNR) is down $10 billion on its holdings and announced a $300 million preferred share offering at 9.5% yield to buy more Ethereum—copying MicroStrategy's playbook. Schiff argues the offering will fail because investors can get 12% yield on Bitcoin-backed STRZ, making the Ethereum play unattractive by comparison.
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- Programme
- The Peter Schiff Show
- Episode
- The Death Spiral Has Begun... Bitcoin, Tech, and Stretch All Cracking!
- Clip time
- 29:51
- Original source
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The Peter Schiff Show