Reverse mortgages an effective tool in your retirement strategy
But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care.
At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role.
But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical:
"When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?"
This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about.
It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home.
And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages.
Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option.
But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000.
So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately.
Reverse mortgages have traditionally been used to top-up retirement income.
The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually.
For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage.
But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income.
Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset.
The risk here is that the debt increases over time, as no repayments of principal or interest are required.
However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding.
Reverse mortgages can be a very effective tool in your retirement strategy.
Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them.
Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last?
Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test.
In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation.
As a partially supported resident, she can't be asked to pay a RAD or DAP.
The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required.
Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it?
Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax.
However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely.
Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please?
Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held.
For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year.
You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included.
Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated.
If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit.
Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals.
But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care.
At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role.
But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical:
"When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?"
This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about.
It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home.
And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages.
Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option.
But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000.
So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately.
Reverse mortgages have traditionally been used to top-up retirement income.
The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually.
For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage.
But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income.
Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset.
The risk here is that the debt increases over time, as no repayments of principal or interest are required.
However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding.
Reverse mortgages can be a very effective tool in your retirement strategy.
Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them.
Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last?
Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test.
In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation.
As a partially supported resident, she can't be asked to pay a RAD or DAP.
The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required.
Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it?
Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax.
However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely.
Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please?
Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held.
For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year.
You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included.
Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated.
If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit.
Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals.
But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care.
At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role.
But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical:
"When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?"
This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about.
It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home.
And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages.
Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option.
But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000.
So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately.
Reverse mortgages have traditionally been used to top-up retirement income.
The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually.
For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage.
But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income.
Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset.
The risk here is that the debt increases over time, as no repayments of principal or interest are required.
However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding.
Reverse mortgages can be a very effective tool in your retirement strategy.
Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them.
Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last?
Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test.
In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation.
As a partially supported resident, she can't be asked to pay a RAD or DAP.
The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required.
Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it?
Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax.
However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely.
Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please?
Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held.
For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year.
You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included.
Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated.
If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit.
Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals.
But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care.
At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role.
But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical:
"When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?"
This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about.
It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home.
And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages.
Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option.
But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000.
So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately.
Reverse mortgages have traditionally been used to top-up retirement income.
The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually.
For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage.
But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income.
Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset.
The risk here is that the debt increases over time, as no repayments of principal or interest are required.
However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding.
Reverse mortgages can be a very effective tool in your retirement strategy.
Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them.
Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last?
Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test.
In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation.
As a partially supported resident, she can't be asked to pay a RAD or DAP.
The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required.
Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it?
Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax.
However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely.
Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please?
Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held.
For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year.
You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included.
Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated.
If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit.
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Wall Street's New Bitcoin Darling Says It'll Be "The Berkshire Hathaway of The Bitcoin Ecosystem" — Will it Actually Happen?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Wall Street's new Bitcoin darling has declared a lofty goal for the firm: becoming 'the Berkshire Hathaway (NYSE:BRK, BRK.B)) of the Bitcoin ecosystem." 'We're really trying to create a fortress-like environment for our Bitcoin and really trying to position ourselves as the Berkshire Hathaway of the Bitcoin ecosystem,' Bitcoin Standard Treasury Company investment chief Sean Bill told Bloomberg last week. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . The new firm, which will serve as the latest Bitcoin proxy for Wall Street speculators, is not the only one that has declared this ideal. 'We're going to be one of the major players in the space where I look at us as kind of the Berkshire Hathaway of Bitcoin treasury companies,' Strive Asset Management CEO Matt Cole said in May. But what does becoming the Berkshire Hathaway of the Bitcoin ecosystem or Bitcoin treasury companies mean? In the traditional finance world, Berkshire Hathaway is a symbol for all the ideals that most companies aspire to, from integrity to corporate discipline and long-term shareholder value growth. This reputation has come with several benefits. For one, the firm has its pick of acquisition deals as businesses line up to be included in its portfolio. At the same time, it also allows the firm to command favorable terms in credit markets. Trending: New to crypto? on Coinbase. These elements would be critical for a firm looking to become the dominant player in the Bitcoin treasury ecosystem. But attaining such heights is no walk in the park. Bitwise Head of Alpha Strategies Jeff Park said in June that the Berkshire Hathaway of Bitcoin would have to master three return on equity strategies, including liability, asset and operating equity management. But that's not all. 'Becoming the 'lender of last resort' for the global Bitcoin economy is both a privilege and responsibility that will demand flawless execution,: he said. 'But to truly earn this honor, a fourth element is essential. If 'never sell your Bitcoins' is the ethos, then leadership must also embody Bitcoin's culture for the long term. It must unapologetically back Bitcoin development, supporting the community over the corporate, and invest its spiritual weight alongside its financial.'Park said no single firm checked all the boxes at the time. Until such a firm arises, MicroStrategy (NASDAQ:MSTR), the pioneer of the Bitcoin treasury strategy, remains the dominant player. At last look, the firm holds nearly 608,000 BTC worth over $71 billion, roughly 3% of all Bitcoin that will ever exist. By comparison, Bitcoin Standard Treasury Company intends to launch with just over 30,000 BTC worth $3.5 billion, making it the fourth-largest Bitcoin treasury. But according to Bill, the firm plans to quickly rise to the second spot, displacing MARA Holdings (NASDAQ:MARA), which holds 50,000 BTC on its balance sheet. Read Next: 7,000+ investors have joined Timeplast's mission to eliminate microplastics— Image: Imagn Images This article Wall Street's New Bitcoin Darling Says It'll Be "The Berkshire Hathaway of The Bitcoin Ecosystem" — Will it Actually Happen? originally appeared on 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
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Mavericks new team president Ethan Casson vows to make fan outreach 'one of my biggest priorities'
The Dallas Mavericks have a new team president. The team reportedly hired former Minnesota Timberwolves CEO Ethan Casson in the role, according to Sports Business Journal. The move will reportedly allow current Mavericks CEO Rick Welts to focus on securing a new arena for the team. Casson and Welts have a history together, and the two rekindled their relationship after it became clear Casson was going to leave the Timberwolves with new owners Alex Rodriguez and Marc Lore taking over the team. In his role as team president, Casson will be more focused on day-to-day operations of the team, according to SBJ. Welts will work on "big strategic priorities." The two will be involved with what the other person is doing, but Casson said the partnership would be more of a "divide and conquer kind of arrangement." Handling day-to-day operations for the Mavericks could prove to be challenging. While the team picked up Duke standout Cooper Flagg with the No. 1 overall pick in the 2025 NBA Draft, it still has work to do to win back the fanbase. Mavericks fans are still frustrated with the organization — particularly general manager Nico Harrison — over the shocking trade that sent Luka Dončić to the Los Angeles Lakers. Casson specifically called out fan outreach as one of his top priorities in an interview with SBJ. 'I'm going to make [healing the fans] literally one of my biggest priorities, if not the most important priority," he said. Casson added that he would 'listen, listen, listen and listen' to Mavericks fans, and vowed to "meet fans where they are," per the SBJ. 'I'll describe it this way: I want to meet fans where they are,' Casson said. 'So if they're in the 'We're enthusiastic about the future' mode, great. Tell me why and how we can continue to enhance that enthusiasm. And if you're in the camp of 'I'm still really disappointed, I can't believe this happened,' great. I'm going to meet you where you are. Tell us how we change that on your behalf?" This story will be updated.
