Latest news with #JoshMandell
Yahoo
20 hours ago
- Business
- Yahoo
Veteran fund manager dumps Microstrategy stock over broken word
Veteran fund manager dumps Microstrategy stock over broken word originally appeared on TheStreet. Strategy Inc. (formerly known as MicroStrategy) isn't just a tech company anymore — it's a massive bet on Bitcoin. And it's one of the loudest on Wall Street. Led by co-founder and executive chairman Michael Saylor, Strategy holds over 629,000 Bitcoin worth more than $71 billion as of Aug. 19 afternoon. With a market cap hovering around $96 billion, the company has become a proxy for Bitcoin exposure, especially after converting itself into what some call a 'Bitcoin leverage ETF in disguise.' But not everyone is sold on the Strategy. On Aug. 19, veteran hedge fund manager and former MicroStrategy investor Josh Mandell announced his complete exit from the stock — and didn't mince his words. Josh Mandell dumps Strategy stock Mandell, who previously held shares in Strategy and disclosed a $2.1 million position in Bitwise's Bitcoin ETF (BITB), revealed he had liquidated his MSTR holdings after what he described as a breach of trust by Saylor. 'I actually bought above here, and then Saylor sold,' Mandell wrote on X. 'He said they wouldn't ... and then he did.' At the heart of Mandell's frustration is the issue of valuation multiples and shareholder to Mandell, Saylor had assured investors during a live results announcement that the company would not issue new shares unless the stock was trading at or above 2.5x its modified net asset value (mNAV), which measures the value of Strategy's Bitcoin holdings versus its market cap. MSTR's mNAV currently stands at 1.55, down 3.73% in the last 24 hours. Mandell says he relied on that verbal agreement when entering the stock. When the company broke from that guidance and issued stock below the 2.5x threshold, he felt misled. 'A man is only as good as his word,' Mandell wrote. 'I will not speak in support of anything that man does again.' Mandell is a veteran hedge fund manager and well-known figure in the traditional finance world, with a background in short-term options trading and fixed-income investments like government bonds. Over the years, he built a reputation as a sharp market tactician with a particular focus on risk-adjusted returns. Josh Mandell slams Saylor's preferred stock play In his post, Mandell took aim at Strategy's recent financing structure. He mocked Saylor's explanation that if the stock dropped too low, the company could pivot to buying back shares instead of issuing preferred stock. 'Preferred shares need money from selling stocks to pay dividends,' Mandell added, suggesting the company is using equity issuance in a way that could harm long-term shareholders. To Mandell, the entire approach undermines investor confidence and exposes a lack of discipline in managing shareholder capital. His critique echoes broader concerns from other investors about Strategy's aggressive capital structure — which includes $8.2 billion in debt and $6.3 billion in preferred stock — and its ability to support such leverage if Bitcoin prices weaken further. Strategy's stock sinks as investor confidence wobbles Shares of MSTR were down 6.93% at $338.38 as of 3:36 p.m. ET, marking one of the biggest single-day drops for the stock in recent weeks. Trading volume was above average, clocking over $4.5 billion on the day. Despite a 150% gain over the past year, MSTR has declined 18% over the past three months, reflecting growing volatility around the company's Bitcoin-heavy balance sheet. The stock remains far below its 2021 highs, when Bitcoin euphoria pushed it well above $1,000 per share. Meanwhile, Bitcoin itself is trading at $113,591, down about 2.36% in the past 24 hours. Veteran fund manager dumps Microstrategy stock over broken word first appeared on TheStreet on Aug 19, 2025 This story was originally reported by TheStreet on Aug 19, 2025, where it first appeared.
Yahoo
27-05-2025
- Business
- Yahoo
Veteran hedge fund manager claims he is 'Bit Wiser' after misstep
Josh Mandell, a longtime Wall Street trader with a track record in government bonds and short-dated options, as well as experience in leading hedge funds, has provided an interesting note this morning, offering a rare glimpse into his investment in crypto — and it has raised a few eyebrows. Mandell posted on May 27, a screenshot that showed a 2.1 million dollar position in the Bitwise Bitcoin ETF (BITB), with a "tiny" gain of $1,491.80 on the day. His post on X read, "I've made some bad choices when deciding how to invest in Bitcoin, but today I'm a Bitwiser." Bitwise is one of the largest firms providing exposure to Bitcoin via a regulated exchange-traded fund (ETF), so there is no need for traditional investors to invest in crypto assets directly, such as wallets and private keys. Mandell's investment, as shown in the image, consisted of 35,000 shares in the ETF at an average purchase price of $59.98, corresponding to a current trading price of $60.02 for BITB. A $1,491.80 gain is not notable in isolation, but concerning his $2.1 million investment capital, a 0.07% gain signals Mandell's level of interest in Bitcoin as a long-term store of value. Josh Mandell has a lengthy history of working in fixed income trading, options trading, and the hedge fund space, serving as a director and head of Caxton Associates, a high-profile investment firm specializing in fund management. His public embrace of a Bitcoin ETF is indicative of an increasing interest in digital assets among traditional finance veterans. For retail investors, this represents yet another sign that Bitcoin is slowly but surely becoming a deserving member of the financial mainstream. Veteran hedge fund manager claims he is 'Bit Wiser' after misstep first appeared on TheStreet on May 27, 2025 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
Yahoo
27-05-2025
- Business
- Yahoo
Veteran hedge fund manager claims he is 'Bit Wiser' after misstep
Josh Mandell, a longtime Wall Street trader with a track record in government bonds and short-dated options, as well as experience in leading hedge funds, has provided an interesting note this morning, offering a rare glimpse into his investment in crypto — and it has raised a few eyebrows. Mandell posted on May 27, a screenshot that showed a 2.1 million dollar position in the Bitwise Bitcoin ETF (BITB), with a "tiny" gain of $1,491.80 on the day. His post on X read, "I've made some bad choices when deciding how to invest in Bitcoin, but today I'm a Bitwiser." Bitwise is one of the largest firms providing exposure to Bitcoin via a regulated exchange-traded fund (ETF), so there is no need for traditional investors to invest in crypto assets directly, such as wallets and private keys. Mandell's investment, as shown in the image, consisted of 35,000 shares in the ETF at an average purchase price of $59.98, corresponding to a current trading price of $60.02 for BITB. A $1,491.80 gain is not notable in isolation, but concerning his $2.1 million investment capital, a 0.07% gain signals Mandell's level of interest in Bitcoin as a long-term store of value. Josh Mandell has a lengthy history of working in fixed income trading, options trading, and the hedge fund space, serving as a director and head of Caxton Associates, a high-profile investment firm specializing in fund management. His public embrace of a Bitcoin ETF is indicative of an increasing interest in digital assets among traditional finance veterans. For retail investors, this represents yet another sign that Bitcoin is slowly but surely becoming a deserving member of the financial mainstream. Veteran hedge fund manager claims he is 'Bit Wiser' after misstep first appeared on TheStreet on May 27, 2025
Yahoo
22-05-2025
- Business
- Yahoo
Bitcoin Backs Off Quickly From Record High as Interest Rate Surge Hits Risk Assets
Bitcoin's BTC surge to a fresh all-time record on Wednesday ran into a brick wall just below $110,000. After hitting a record of $109,754, BTC quickly fell to about 3% to the $106,000 area. At press time, the top cryptocurrency was trading just above $107,000 according to CoinDesk's Bitcoin Price Index, modestly lower over the past 24 hours. Other cryptocurrencies took a hit as well, with ether ETH and solana SOL also slightly lower over the last day despite the early Wednesday run higher. The reason behind the price action may be as simple as traders taking profits on the quick rise — bitcoin was higher by nearly 50% since bottoming about five weeks ago. Likely contributing was the ripple effect of a U.S. treasury bond auction going awry and hitting risk assets. A sale of 20-Year bonds sold by the U.S. Treasury department saw weak demand, sending the yield on the 30-year Treasury spiking to 5.07%, its highest level in more than two years. The Nasdaq tumbled 1.5% in just an hour shortly after the news, while the S&P 500 declined 1.3%. "This is a ticking time bomb, swept under the rug,' said Josh Mandell, a longtime fixed-income veteran turned bitcoin analyst, prior to this afternoon's poor bond sale. 'We used to talk about the disaster that would ensue if ever there was a 'MISSED AUCTION' in 30-yr bonds,' Mandell said. 'A missed auction means that there were not enough bids to cover the offering… Were it not for the Fed, we would be experiencing a failure to roll over bonds right now which leads to default.' Kirill Kretov, trading automation expert at CoinPanel, said that liquidity from exchanges has been significantly removed since late 2024, "making the market thinner and more reactive," leaving bitcoin's price vulnerable to wild swings. "Structurally, there's room for explosive upside," he said, but "a sharp correction can happen at any moment." The $110,000 level has emerged as a key battleground in the current market structure, well-followed crypto trader Skew noted in an X post, describing it as the critical zone between a local high and a potential breakout point. According to Skew, there's a noticeable concentration of supply around this level, with Binance perpetuals showing a skewed ask-side order book and a buildup of short positions. "All point to a huge amount of liquidity here, usually pivotal for the market," Skew said. 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
