David Bailey Sold Trump on Crypto. Now His Hedge Fund Is Up 640%
David Bailey's hedge fund 210k Capital posted a net return of 640% in the 12 months through June after investing in about a dozen companies that turned themselves into Bitcoin buyers, according to a person familiar with the matter, far exceeding gains in the token itself. The fund had $433 million in assets under management as of June 30, according to the person.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Why MARA Holdings Stock Is Plummeting Today
Key Points MARA Holdings' recent $850 million private offering of convertible notes has caused investor concern about potential stock dilution, leading to a decline in its share price. The company's profitability is heavily influenced by the volatile price of Bitcoin and rising energy costs, with the latter expected to remain elevated due to increasing demand from the AI industry. 10 stocks we like better than Mara › Shares of MARA Holdings (NASDAQ: MARA) are falling on Wednesday, down 13.8% as of 2:58 p.m. ET. The drop comes as the S&P 500 and Nasdaq Composite gained 0.7% and 0.5%, respectively. The Bitcoin mining company's stock is falling today after the company announced a private offering of $850 million, sparking fears of dilution. MARA's financial move The company announced it intends to initiate a $850 million private offering with convertible notes due in 2032. Initial purchasers may be granted an option to acquire an extra $150 million in notes. These are unsecured senior obligations and won't be subject to regular interest. The funds will be primarily used to acquire Bitcoin, fund operations, as well as fund capped call transactions, a financial maneuver that will help curb stock dilution. However, some dilution can still occur, and investors were clearly worried today that it would, leading to the sell-off. MARA is highly dependent on Bitcoin MARA's profitability is extremely sensitive to the price of Bitcoin. It's also highly dependent on energy costs. These are both major concerns for investors. To the latter point, I think energy costs are going to be a major concern in the years to come. Energy demands from the artificial intelligence (AI) industry are enormous, growing, and will keep energy prices elevated, impacting MARA's costs to mine Bitcoin. And although there are theoretical advantages to investing in a miner's stock over directly purchasing Bitcoin itself, I think we've seen that there is much more downside in practice. I would avoid the stock. Should you buy stock in Mara right now? Before you buy stock in Mara, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Mara wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $641,800!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,023,813!* Now, it's worth noting Stock Advisor's total average return is 1,034% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy. Why MARA Holdings Stock Is Plummeting Today was originally published by The Motley Fool
CNBC
an hour ago
- CNBC
CNBC Daily Open: Triple whammy for Tesla
Tesla's going through a bumpy ride. The electric vehicle company on Wednesday reported a second consecutive quarter of declining auto sales. In Europe, Tesla's market share fell for the sixth straight month to 2.8% in June from 3.4% a year ago. The Trump administration's plans to reportedly roll back the U.S.' push for cleaner vehicles will probably hit Tesla further. A $7,500 EV tax credit in the U.S. will expire at the end of September, indirectly raising the cost of Tesla vehicles. Meanwhile, traditional carmakers will no longer need to purchase EV regulatory credits from Tesla — which receives them for free because its vehicles are completely electric — as the Trump administration intends to stop fining traditional carmakers for missing emission standards. That means Tesla will soon lose a source of revenue. They say bad things come in threes. Here's the last. While Tesla's bitcoin holding is currently worth $1.24 billion, according to its investor deck, it could have been worth billions more. In 2022, the company dumped 75% of its bitcoin. The cryptocurrency is trading at roughly $118,000 now. When Tesla sold its holdings, it was trading at around $19,000. If there's any consolation, even though U.S. President Donald Trump's "big beautiful bill" will affect Tesla, Trump said on Thursday it wasn't a targeted measure. "I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!" Whether Trump's sentiments can help pave a smoother road for Tesla, though, is another spars with Powell during Fed visit. The U.S. President went back and forth with the Federal Reserve chair over Trump's claims about cost overruns at the Fed headquarters. But Trump said he doesn't think it's "necessary" to fire Powell. The S&P 500 and Nasdaq Composite close at new records. Both indexes were rose Thursday despite an 8% plunge in Tesla shares. On Friday, Asia-Pacific markets fell. Hong Kong's Hang Seng Index led losses as of 1:30 a.m. ET. Intel's second-quarter revenue beats estimates. But the chipmaker reported a net loss of $2.9 billion due to an $800 million impairment charge. Intel's new CEO Lip-Bu Tan also announced big spending cuts in the company's foundry business. India expects "preferential" tariffs from the U.S. That's according to New Delhi's Commerce and Industry Minister Piyush Goyal, who told CNBC that negotiations were "progressing extremely well." [PRO] An Indian company bets on weight-loss drugs. Expiring patents in Brazil and India mean that this pharma firm has a rare opportunity to be a first mover in dozens of emerging markets. As Trump visits Scotland, the UK looks to settle some unfinished business U.S. President Donald Trump is due to visit two Trump-owned golf sites in Turnberry and Aberdeen between Friday and Tuesday, as well as one of his new golf courses that's set to open in August. He's also due to have an informal meeting with U.K. Prime Minister Keir Starmer. The question is where might we see some "give and take" in the U.S.-UK trade deal, Kallum Pickering, chief economist at Peel Hunt, told CNBC on Wednesday.
CNBC
an hour ago
- CNBC
Oil prices climb on U.S.-EU trade optimism, Russian gasoline cuts
Oil prices rose on Friday, buoyed by optimism over a potential trade deal between the U.S. and the European Union and reports of Russian plans to restrict gasoline exports to most countries. Brent crude futures gained 17 cents, or 0.3%, to $69.35 a barrel by 0027 GMT. U.S. West Texas Intermediate crude futures climbed 15 cents, or 0.2%, to $66.18 per barrel. Oil settled 1% higher on Thursday, driven by media reports of expected cuts to Russian gasoline exports. This overshadowed news of Chevron Corp potentially securing U.S. approval to resume production in Venezuela. President Donald Trump's administration is preparing to allow limited oil operations in the sanctioned OPEC nation, the Wall Street Journal reported. U.S. crude inventory draws and hopes for a trade deal between the U.S. and the EU for lower tariffs were lifting futures, which fell earlier in the week over fears of a worsening global trade war. "I am encouraged by the way crude oil held and bounced away from the $65/64 support band this week, which keeps hopes intact of a rebound back towards $70," said Tony Sycamore, an analyst at IG. U.S. Energy Information Administration data on Wednesday showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. EIA/S Two European diplomats said on Wednesday that the EU and the U.S. were moving toward a trade deal that could include a 15% U.S. baseline tariff on EU imports and possible exemptions. That could pave the way for another major trade agreement following a deal with Japan. Investors will also be turning their focus to upcoming economic data next week from the world's top two economies and largest oil consumer - factory activity data from China and key U.S. indicators such as inflation, jobs and inventory data. "It is a big week next week data-wise," IG's Sycamore said.
