Ride ‘Em, Cowboy: Bitmain’s Marketing Gambit Ups Its Texas-Sized Position on Bitcoin

Ride ‘Em, Cowboy: Bitmain’s Marketing Gambit Ups Its Texas-Sized Position on Bitcoin 1

It’s possible the company sold bitcoins in the cash or futures markets, as options traders often do. Given market prices, the time to expiration and the market’s expected volatility, the company would only have to sell just 7.4 bitcoins for every 62 options it gives away to be effectively hedged. If it expects to sell 500,000 units while the incentives are in place, for instance, Bitmain will need to sell 3,700 BTC – $26 million worth – to offset its options. 

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,550 0.30 % 0.18 % 2.70 %
Ethereum1,876.8 0.98 % 4.12 % 2.01 %
Tether1.003 0.43 % 0.28 % 0.26 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB314.49 0.19 % 3.65 % 9.10 %
XRP0.3966 0.59 % 1.91 % 2.43 %
Binance USD0.9998 0.33 % 0.00 % 0.18 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana45.60 1.49 % 5.34 % 8.37 %
Dogecoin0.07977 0.37 % 4.20 % 5.02 %

bitcoin
Bitcoin (BTC) $ 29,679.00
ethereum
Ethereum (ETH) $ 1,890.32
tether
Tether (USDT) $ 0.999131
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 315.85
xrp
XRP (XRP) $ 0.399048
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.499082
solana
Solana (SOL) $ 46.14
dogecoin
Dogecoin (DOGE) $ 0.0804