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With the downturn in equities globally, the prospect for raising venture capital, money from private individuals (angels or otherwise), from the public markets, or even the lending market has become significantly more challenging. Even the most qualified business is going to face investors looking to put pressure on valuations, and rightly so given the dislocations in the marketplace.

With all of this in mind, I’ve been thinking about some suggestions to highlight as a way for young businesses to think about their own capital raising needs as this situation continues to evolve. A recent McKinsey report highlighted the importance of pausing to assess and anticipate, and then acting: “the pause, anticipate, act cycle.” This is a process which I’ve been trying to repeat continuously: Stop to evaluate, pivot if needed, and then repeat. …

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On March 19th, Bitwise Asset Management delivered a 226 slide report to the SEC as part of their ongoing efforts to gain approval for a Bitcoin ETF. Of note to many who read this report has been the revelation that Bitcoin spot trading volume is a mere 5% of what most known price aggregators quote, as well as the assertion that Bitcoin’s “real” trading volume is split between just 10 exchanges. For those who have not yet read this report, you can check it out here:

While the existence of fake volume is no surprise to anyone, the report is striking due to the order of magnitude of volume that is classified as such. As Clay Collins points out in his essay on exchange transparency ratings (, the question of trading volume is a complex one, and for a community that is usually fairly critical, Bitwise’s report has not been met with much scrutiny. As he says, while the quality of Bitwise’s research is very high, it is also in their best interest as a potential ETF provider to portray the Bitcoin spot market as concise and easily measurable. …


Maha Advisors

Creators of MAGIX, the benchmark for investment return in digital assets.

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