MicroStrategy effect in full swing? Tianqiao Capital increases Bitcoin holdings, GreenPro issues bonds imitating MicroStrategy's strategy

Bitcoin continued to hit a new all-time high today, reaching up to $29,321. As Bitcoin is about to break through the $30,000 mark, Skybridge Capital has increased its bet on Bitcoin, while the Nasdaq-listed company GreenPro Capital announced that it will issue $100 million in bonds to fund the purchase of Bitcoin.

SkyBridge Capital

Previously reported, SkyBridge founder Anthony Scaramucci, who served as White House Director of Communications in 2017 and later left his executive position at Goldman Sachs to establish SkyBridge Capital, a hedge fund with assets totaling billions of dollars.

In early November, SkyBridge applied to the SEC to allow its $3.7 billion funds (Multi-Strategy Series G and SkyBridge G II Fund) to legally invest in Bitcoin.

Later on the 22nd of this month, they submitted a new Form D application to the SEC to obtain an exemption to issue unregistered securities for their newly established Bitcoin fund, "SkyBridge Bitcoin Fund LP," with an initial investment of $25 million.

Furthermore, according to investor documents, SkyBridge has invested up to $182 million in Bitcoin on behalf of the fund, but it is uncertain if this overlaps with the initial $25 million.

GreenPro Capital

The situation with GreenPro is even more intriguing. They previously heavily invested in Bitcoin and issued $550 million in bonds for investing in MicroStrategy, which seems to have piqued institutional investors' interest.

Both GreenPro and MicroStrategy are Nasdaq-listed companies, with a ticker symbol of GRNQ, and have announced plans to issue $100 million in bonds in the first quarter of 2021. Similar to MicroStrategy, GreenPro not only claims to invest its cash reserves in Bitcoin but also reinvest bond profits into Bitcoin.

GreenPro CEO CK Lee emphasized: "We wholeheartedly believe that Bitcoin is a store of value." Their announcement stated:

We believe that institutions such as banks, hedge funds, insurance companies, etc., will adopt Bitcoin on a large scale. As the most widely adopted cryptocurrency, it will be a reliable store of value in the future. We also have confidence in managing our balance sheet, coupled with our investment strategies in Bitcoin funds and cryptocurrencies, all of which will bring remarkable returns to the company.

In addition to their optimism about Bitcoin, GreenPro also mentioned that other top cryptocurrencies like Ethereum are better stores of value than cash and will bring higher returns to the company over time.