Latest news with #BenWerkman
CNBC
09-07-2025
- Business
- CNBC
XRP rises after Ripple selects BNY Mellon as custodian of firm's new stablecoin: CNBC Crypto World
On today's episode of CNBC Crypto World, Ripple selects Bank of New York Mellon as the primary custodian for the firm's U.S. dollar-pegged stablecoin reserves. Plus, Swan Bitcoin CIO Ben Werkman explains why bitcoin is quickly becoming a more attractive treasury asset for companies.
Yahoo
07-07-2025
- Business
- Yahoo
Here are the next tailwinds for bitcoin
Bitcoin (BTC-USD) has risen about 15% so far this year. In the video above, Swan Bitcoin chief investment officer Ben Werkman shares what he thinks will power the cryptocurrency higher in the coming months. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. Well, what are the catalysts, what are the tailwinds that you think drive Bitcoin higher? There's some significant tailwinds that are coming We're seeing the regulations easing. You've got the Clarity Act coming out which is gonna put definitive clarity around Bitcoin as a digital commodity versus several others that are digital securities. So we're seeing some help from the regulations, but really the big trend that you're seeing is the adoption from corporations and you're seeing the emergence of these Bitcoin treasury companies that are utilizing the scarcity of Bitcoin, the fixed supply, and they're arbitraging that against the lack of scarcity in the US dollar, but they're providing products through different types of securities that institutional capital can buy, and the institutional capital pools are very deep and they're coming for Bitcoin about the proliferation of Bitcoin treasury companies, you have seen Jim Chanos, by the way, beefing with Michael Saylor of Strategy about this, right? And I'll read you what Chanos had some strong thoughts about this. They were kind of talking about the, the value of the company and Chanos told Bloomberg this. He said there's a wonderful sales job that's being done about the fact that this is an economic engine in and of itself, he says, therefore terms like Bitcoin yield, this is Chanos, are used, and I've called them financial gibberish because they are. What do you say to that, Ben? I think there's a lot of misunderstanding out there still around this industry. People are still trying to get up to speed with what it means to be a Bitcoin treasury company and what that means is you're trying to acquire Bitcoin on behalf of your shareholders. And when you're doing that, your primary metric with every transaction you undertake is how much more Bitcoin is back. Each share of common stock, so Bitcoin yield represents the pace at which you're accumulating that Bitcoin. So these are different concepts for the traditional financial markets to grasp, but what he thinks he's doing is the same trade as Michael Saylor and historically this type of a short position hasn't worked out all too well.
Yahoo
07-07-2025
- Business
- Yahoo
Here are the next tailwinds for bitcoin
Bitcoin (BTC-USD) has risen about 15% so far this year. In the video above, Swan Bitcoin chief investment officer Ben Werkman shares what he thinks will power the cryptocurrency higher in the coming months. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. What are the catalysts, what are the tailwinds that you think drives bitcoin higher? There's some significant tailwinds that are coming. We're seeing the regulations easing, you've got the Clarity Act coming out, which is going to put definitive clarity around bitcoin as a digital commodity versus several others that are digital securities. So we're seeing some help from the regulations, but really the big trend that you're seeing is the adoption from corporations and you're seeing the emergence of these bitcoin treasury companies that are utilizing the scarcity of bitcoin, the fixed supply, and they're arbitraging that against the lack of scarcity in the US dollar, but they're providing products through different types of securities that institutional capital can buy. And the institutional capital pools are very deep and they're coming for bitcoin. About the proliferation of bit bitcoin treasury companies, you have seen Jim Chanos, by the way, beefing with Michael Saylor of strategy about this, right? And I'll read you what Chanos had some strong thoughts about this. They were kind of talking about the the value of the company. Chanos told Bloomberg this. He said there's a wonderful sales job that's being done about the fact that this is an economic engine in and of itself. He says, therefore, terms like bitcoin yield, this is Chanos are used, and I've called them financial gibberish because they are. What do you say to that, Ben? I think there's a lot of misunderstanding out there still around this industry. People are still trying to get up to speed with what it means to be a bitcoin treasury company. And what that means is you're trying to acquire bitcoin on behalf of your shareholders. And when you're doing that, your primary metric with every transaction you undertake is how much more bitcoin is backing each share of common stock. So bitcoin yield represents the pace at which you're accumulating that bitcoin. So these are different concepts for the traditional financial markets to grasp, but what he thinks he's doing is the same trade as Michael Saylor, and historically this type of a short position hasn't worked out all too well. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
02-06-2025
- Business
- CNBC
Bitcoin hit new record because it became less risky, says Swan CIO
Swan Bitcoin CIO Ben Werkman sits down with CNBC at Bitcoin 2025 to discuss the catalysts that helped propel bitcoin to a new record.
Yahoo
29-05-2025
- Business
- Yahoo
Bitcoin Surges Ahead as Strategy Lags
Since the start of this month, a growing divergence has emerged between bitcoin BTC and bitcoin-HODLer Strategy (MSTR). While bitcoin has climbed approximately 13%, nearing the $110,000 mark, MSTR shares have slipped 3%, trading around $372. This performance gap has become more pronounced since mid-May and raises questions about market sentiment toward the company that pioneered the bitcoin treasury strategy for corporations. Despite playing a leading role in this movement, Strategy's stock has not mirrored bitcoin's latest rally. One key factor is the rapid increase in the number of public companies adopting similar bitcoin strategies. According to data from over 113 public companies globally now hold bitcoin on their balance sheets, marking an increase of 11 new entrants over the past 30 days. Many appear to be following Strategy's playbook, but the firm's market premium is compressing, indicating that its early-mover advantage may be fading. Strategy's multiple to net asset value (mNAV), which reflects how the market values the company relative to its bitcoin holdings, has dropped to 1.80 one of its lowest points over the past year. This figure is calculated by dividing the enterprise value (EV) by the market value of its bitcoin holdings. The EV includes MSTR's current market cap, convertible debt, and preferred shares (such as STRK and STRF), minus the company's most recent reported cash balance. A lower mNAV limits Strategy's ability to issue new equity without significantly diluting existing shareholders, although it remains above 1x, preserving some headroom. Strategy's recent 4,020 BTC purchase, its smallest since May 5, also reveals a significant change in funding structure. The acquisition was financed not only through common stock but also through preferred securities — 81.7% from common stock, 15.9% from STRK, and 2.4% from STRF, according to MSTR analyst Ben Werkman. This diversification indicates that the company is strategically tapping alternative instruments via its at-the-market (ATM) offering, possibly to mitigate shareholder dilution and optimize capital raising in a compressed mNAV environment.
