/https://www.thestar.com/content/dam/thestar/opinion/contributors/2017/12/18/bitcoin-a-tantalizing-investment-or-merely-fools-gold/afp_v218n.jpg "bitcoin investor seriö s vacation")
Bitcoin investor seriö s vacation - opinion
Press Releases
After Bitcoin propelled it to a double-digit gain in 2021, Anthony Scaramucci’s SkyBridge fund of funds fell 8.3 percent during January’s market turmoil and crypto pullback, according to letters sent to investors.
“We believe investors should approach 2022 with humility,” SkyBridge executives Scaramucci, Brett Messing, and Ray Nolte wrote in the firm’s year-end letter.
Even though investments in Bitcoin and Ethereum led a monthly decline of 6.39 percent in December, cryptocurrencies were still the biggest contributor to SkyBridge’s performance last year. They also made up 16.32 percent of the $2.37 billion portfolio at year end.
SkyBridge’s multi-adviser hedge fund portfolios, called Series G, ended the year up 11.23 percent.
So far this year, however, crypto has been one of the firm’s losers. Bitcoin fell 16 percent during January and was off more than 40 percent from its November highs.
Still, SkyBridge execs said they believed that “the cryptocurrency market, particularly Bitcoin, has been substantially de-risked over the last year,” adding that the “naysayers” are “remarkably unpersuasive.”
After January’s downturn, Bitcoin has begun to bounce back, but it has not entirely recovered. At $44,000 per bitcoin, it is still trading slightly below where it was a year ago.
Another big winner in 2021 was Dan Loeb’s Third Point — SkyBridge’s second-biggest allocation, at 11.72 percent of the portfolio. Third Point gained 23.9 percent last year, but it too had a bad January. The fund fell 8.7 percent.
Steve Cohen’s Point72 Asset Management, SkyBridge’s third-biggest position at 11.69 percent, reportedly gained about 9 percent in 2021. Point72’s gains were tempered by shorts in GameStop and other meme stocks.
Point72 is also an investor in Gabe Plotkin’s Melvin Capital, as is SkyBridge. Melvin did not recover from its 50 percent drawdown in January following the GameStop drama, which pummeled the hedge fund, whose shorts made it a target of meme stock investors. Melvin ended the year down 39 percent.
At year end, 3.6 percent of SkyBridge’s portfolio was still invested in Melvin.
SkyBridge said its long/short equity managers finished down over 20 percent, though it said it was staying the course with these hedge fund managers. In addition to Melvin, SkyBridge also had a commitment to Philippe Laffont’s Coatue Management, which comprised 3.19 percent of the portfolio.
Like others in the Tiger family, Coatue has suffered from the downturn in tech and Chinese stocks. According to the Wall Street Journal, it fell 4.2 percent in January after eking out a gain of 5.8 percent in 2021.
This year, SkyBridge said it plans to maintain substantial commitments to Third Point and Point72 Asset Management, while also adding capital to Millennium Management.
“These managers have demonstrated an ability to generate returns while also protecting capital during difficult markets,” the team wrote.
SkyBridge’s other top holdings at year end included Linden, Axonic Credit Opportunities, Hildene Opportunities II, Armistice, and Seer Capital Partners.
As filed with the Securities and Exchange Commission on September 7, 2021
Registration No. 333-259028
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1
TO
FORM
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
a.k.a. Brands Holding Corp.
(Exact name of registrant as specified in its charter)
| Delaware | 5961 | |||
(State or other jurisdiction of incorporation or organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification No.) |
100 Montgomery Street, Suite 1600
San Francisco, California 94104
Telephone:
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Jill Ramsey
Chief Executive Officer
100 Montgomery Street, Suite 1600
San Francisco, California 94104
Telephone:
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies of all communications, including communications sent to agent for service, should be sent to:
James S. Rowe Michael P. Keeley Kirkland & Ellis LLP 300 N. LaSalle Chicago, Illinois 60654 Telephone: (312) | Michael Kaplan Marcel R. Fausten Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) |
Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☐
If this Form is filed to registered additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated Filer | ☐ | |||
| Non-accelerated filer | ☒ | Smaller Reporting Company | ☐ | |||
| Emerging Growth Company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒
| ||||
Title of Each Class of Securities to be Registered | Proposed Maximum Aggregate Offering Price(1)(2) | Amount of Registration Fee(3) | ||
Common Stock, par value $0.001 per share | $100,000,000 | $10,910 | ||
| ||||
| ||||
(1) Includes the aggregate offering price of shares of common stock subject to the underwriters’ option to purchase additional shares.
(2) Estimated solely for purposes of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.
(3) Previously paid.
The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
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Bitcoin trading ‘like a Ping-Pong’ match, says investor as Fed kicks off a series of interest rate hikes
“The initial derisking has already happened, which is reflected in the lower level of liquidations overall,” Michael Safai, managing partner at crypto prop trading firm Dexterity Capital, wrote to MarketWatch in an email.
Ben McMillan, founder and chief investment officer at IDX Digital Assets, said that “I think a lot of bad news had already been priced in.”
“What we’re seeing is that bitcoin has been extremely rangebound these last few weeks with the onset of the Ukrainian conflict. It’s been like watching a Ping-Pong ball match, just kind of back and forth between support and resistance,” McMillan told MarketWatch in a phone interview.
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“But again, there is huge economic and global uncertainty at the moment surrounding prices outlook, surrounding Ukraine. So what I’d say [is] we have to stick with this hawkish notion, but there is probably room for disappointment on the hawkish side to hear,” according to Nyman.
Joel Kruger, FX strategist at LMAX Group said that “I think that there’s really no conversation to be had about bitcoin moving up until we establish back above the February high. And that level comes in roughly around $46,000,” Kruger said. “Until then, the pressure is on the downside.”
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Press Releases
BlockFi lands a $350M Series D at a $3B valuation for its fast-growing crypto-lending platform
If there were any doubt about a cryptocurrency boom, we need look no further than at the explosion of growth of certain companies in the space.
One earn your own money quotes company is BlockFi, which today announced it has closed on a massive $350 million Series D funding that values it at $3 billion, bitcoin investor seriö s vacation. While this news in and of itself is certainly attention-getting, it’s even more impressive when you consider the startup just raised a $50 million Series C last August at a $450 million valuation. The latest financing brings its total equity raised since inception to about $450 million, with the company raising $100 million across its seed and Series C rounds.
Zac Prince — who comes from a background in consumer lending — founded BlockFi with Flori Marquez in 2017, bitcoin investor seriö s vacation. The Jersey City, bitcoin investor seriö s vacation, New Jersey-based startup raised $1.6 million in a seed round of funding that closed in 2018 and was led by ConsenSys Ventures and included participation from SoFi.
Prince describes BlockFi as a financial services company for crypto market investors that offers a retail and institutional-facing suite of products. On the retail side of its platform, people can use its mobile app to earn a yield on their crypto holdings (6% on Bitcoin, 8.6% on stablecoins), buy and sell crypto and get low-cost loans secured by the value of their crypto portfolio “so they can get liquidity without selling,” he said. Specifically, bitcoin investor seriö s vacation, clients can buy and sell digital assets (from Bitcoin, Ethereum and Link to Litecoin, PaxG and multiple stablecoins) directly on BlockFi.
The startup is also a lender and provider of trade execution services to institutions participating in digital asset markets.
It’s a model that seems to be working in a big way. Since the end of 2019, bitcoin investor seriö s vacation, BlockFi has seen its client base grow from 10,000 to more than 225,000, bitcoin investor seriö s vacation. Today, BlockFi has 265,000 funded retail clients and over 200 institutional clients.
And it’s lent over $10 billion to its retail, corporate and institutional clients.
Over the past year, BlockFi has also accomplished the following:
- Increased the number of assets on its platform to $15 billion, bitcoin investor seriö s vacation, compared to $1 billion last March — with a 0% loss rate across its lending portfolio since inception.
- Bumped its monthly revenue to over $50 million, up from $1.5 million a year prior.
- Boosted its headcount to about 530 people, bitcoin investor seriö s vacation, compared to 100 last March.
“In less than six months since we completed our Series C, bitcoin investor seriö s vacation, Bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets,” Prince said, bitcoin investor seriö s vacation. “Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10 times year over year in 2020 and has more than doubled since the end of 2020.”
New investor Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global co-led the Series D, which included participation from a slew of other firms including existing backer Valar Ventures, Breyer Capital, bitcoin investor seriö s vacation, Susquehanna Government Products, Jump Capital and Paradigm, among many others. BlockFi employees who have been employed for more than one year have the opportunity to receive liquidity on a portion of their equity via a secondary tender offer as part of the financing round.
BlockFi believes that investor enthusiasm for the Series D round reflects both the company’s strong business growth, bitcoin investor seriö s vacation, as well as “broader conviction in cryptocurrencies as an asset class.”
“Individual investors, institutional asset managers and corporate treasury departments are all exploring avenues to invest in cryptocurrencies,” the company said.
“Our goal for BlockFi has always been for it to facilitate cryptocurrencies going mainstream – and each day provides more evidence that is exactly what is occurring,” said Marquez, who serves as the company’s SVP of operations.
Bain Capital Ventures Partner Stefan Cohen agrees. He believes there are currently limited banking services available for crypto holders, which puts BlockFi in an opportune position.
“Bitcoin has already eclipsed $1 trillion in market cap and is likely headed higher to fulfill its store of value promise. As wealth accumulates to BTC holders, most will look for ways to earn yield or borrow against their holdings for more traditional asset purchases such as homes, bitcoin investor seriö s vacation, cars and education,” he wrote via email. “BlockFi stands alone as the leader in bringing simple, secure, everydayfinancial services to cryptocurrency holders.”
The startup’s exponential top oil companies to invest in right now over the past year proves “there was clearly a huge need for BlockFi’s services,” Cohen said.
“Their vision was to build an easy-to-use, trusted platform to bring cryptocurrency to the mainstream, and they’ve truly succeeded,” he bitcoin investor seriö s vacation, Cohen said Bain Capital has had a long-term thesis bitcoin investor seriö s vacation Bitcoin becoming a store of value and has actively invested in “picks-and-shovels businesses” that enable what is now a $1 trillion-plus market.
“Trusted financial services are a critical pillar of the space, and we view it as a highly strategic component of the market,” he added.
Looking ahead, the startup has plans to launch in the second quarter a Bitcoin Rewards Credit Card, which will give BlockFi clients the ability to earn Bitcoin cash back on every transaction. It plans to use the new capital to continue growing its product suite, expand into new global markets and for strategic acquisitions. The company also plans to double its headcount by year’s end, according to Prince.
BlockFi already has a global presence and retail clients in over 100 countries. Last year, it opened institutional client service offices in London and Singapore. This year, the startup is looking to add regional support in Europe, APAC and LatAm for its retail clients.
Over the past week, BlockFi was making headlines for other reasons, bitcoin investor seriö s vacation. The company was the victim of an “unusual assault” on March 7 when an attacker spammed the platform with fake sign-ups and abusive language.
To that end, bitcoin investor seriö s vacation, the company acknowledges that it became aware that an unauthorized third party began attempting bulk sign-ups on its platform on March 7.
“We do not know the origin of the email addresses used for these ‘sign-ups’ but they did not come from us and they were not the emails of BlockFi clients,” the company told TechCrunch. “In general, we would characterize the event as vulgar spam’ and the total number of valid emails affected was less than 1,000.”
The company maintains that no data from BlockFi was accessed and its data was not compromised.
“Our clients’ funds and data were safeguarded throughout the incident,” the company added. “Since then, our engineering and security teams have taken steps to prevent events like this from happening in the future. In addition, we reached out directly to all of the valid email recipients to apologize for the incident.”
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Bitcoin trading ‘like a Ping-Pong’ match, bitcoin investor seriö s vacation, says investor as Fed kicks off a series of interest rate hikes
“The initial derisking has already happened, which is reflected in the lower level of liquidations overall,” Michael Safai, managing partner at crypto prop trading firm Dexterity Capital, wrote to MarketWatch in an email.
Ben McMillan, founder and chief investment officer at IDX Digital Assets, said that “I think a lot of bad news had already been priced in.”
“What we’re seeing is that bitcoin has been extremely rangebound these last few weeks with the onset of the Ukrainian conflict. It’s been like watching a Ping-Pong ball match, just kind of back and forth between support and resistance,” McMillan told MarketWatch in a phone interview.
The Fed did not give details of how it will shrink its balance sheet, bitcoin investor seriö s vacation, but Fed Chairman Jerome Powell said in a Wednesday press conference that runoff may start as soon as the next meeting on May 4.
The market has been pricing seven quarter-percentage-point interest hikes this year and it is “on the very hawkish side of things,” Tony Nyman, Informa Global Markets’s Bitcoin investor seriö s vacation Fundamentals manager told MarketWatch in an interview. The Fed “can’t really go much more than that, unless they start doing the more aggressive 50 basis points moves, which historically, bitcoin investor seriö s vacation, they don’t tend to do that much,” Nyman said.
“But again, there is huge economic and global uncertainty at the moment surrounding bitcoin investor seriö s vacation outlook, bitcoin investor seriö s vacation, surrounding Ukraine. So what I’d say [is] we have to stick with this hawkish notion, but there is probably room for disappointment on the hawkish side to hear,” according to Nyman.
Joel Kruger, FX strategist at LMAX Group said that “I think that there’s really no conversation to be had about bitcoin moving up until we establish back above the February high, bitcoin investor seriö s vacation. And that level comes in roughly around $46,000,” Kruger said. “Until then, the pressure is on the downside.”
U.S. stocks closed higher on volatile trade Wednesday. The Dow Jones Industrial Average DJIA, ended 1.6% higher and the S&P 500 SPX, bitcoin investor seriö s vacation, gained 2.2%. The Nasdaq Composite Index COMP, rose 3.8%.
After Bitcoin propelled it to a double-digit gain in 2021, Anthony Scaramucci’s SkyBridge fund of funds fell 8.3 percent during January’s market turmoil and crypto pullback, according to letters sent to investors.
“We believe investors should approach 2022 with humility,” SkyBridge executives Scaramucci, Brett Messing, and Ray Nolte wrote in the firm’s year-end letter.
Even though investments in Bitcoin and Ethereum led a monthly decline of 6.39 percent in December, cryptocurrencies were still the biggest contributor to SkyBridge’s performance last year. They also made up 16.32 percent of the $2.37 billion portfolio at year end.
SkyBridge’s multi-adviser hedge fund portfolios, called Series G, bitcoin investor seriö s vacation, ended the year up 11.23 percent.
So far this year, however, crypto has been one of the firm’s losers. Bitcoin fell 16 percent during January and was off more than 40 percent from its November highs.
Still, SkyBridge execs said they believed that “the cryptocurrency market, particularly Bitcoin, has been substantially de-risked over the last year,” adding that the “naysayers” are “remarkably unpersuasive.”
After January’s downturn, Bitcoin has begun to bounce back, but it has not entirely recovered. At $44,000 per bitcoin, it is still trading slightly below where it was a year ago.
Another big winner in 2021 was Dan Loeb’s Third Point — SkyBridge’s second-biggest allocation, at 11.72 percent of the portfolio. Third Point gained 23.9 percent last year, bitcoin investor seriö s vacation, but it too had a bad January. The fund fell 8.7 percent.
Steve Cohen’s Point72 Asset Management, SkyBridge’s third-biggest position at 11.69 percent, reportedly gained about 9 percent in 2021, bitcoin investor seriö s vacation. Point72’s gains were tempered by shorts in GameStop and other meme stocks.
Point72 is also an investor in Gabe Plotkin’s Melvin Capital, as is SkyBridge. Melvin did not recover from its 50 percent drawdown bitcoin investor seriö s vacation January following the GameStop drama, which pummeled the hedge fund, whose shorts made it a target of meme stock investors, bitcoin investor seriö s vacation. Melvin ended the year down 39 percent.
At year end, 3.6 percent of SkyBridge’s portfolio was still invested in Melvin.
SkyBridge said its long/short equity managers finished down over 20 percent, though it said it was staying the course with these hedge fund managers. In addition to Melvin, SkyBridge also had a commitment to Philippe Laffont’s Coatue Management, which comprised 3.19 percent of the portfolio.
Like others in the Tiger family, Coatue has suffered from the downturn bitcoin investor seriö s vacation tech and Chinese stocks. According to the Wall Street Journal, bitcoin investor seriö s vacation, it fell 4.2 percent in January after eking out a gain of 5.8 percent in 2021.
This year, SkyBridge said it plans to maintain substantial commitments to Third Point and Point72 Asset Management, while also adding capital to Millennium Management.
“These managers have demonstrated an ability to generate returns while also protecting capital during difficult markets,” the team wrote.
SkyBridge’s other top holdings at year end included Linden, Axonic Credit Opportunities, Hildene Opportunities II, Armistice, bitcoin investor seriö s vacation, and Seer Capital Partners.
Bitcoin investor seriö s vacation - really
BlockFi lands a $350M Series D at a $3B valuation for its fast-growing crypto-lending platform
If there were any doubt about a cryptocurrency boom, we need look no further than at the explosion of growth of certain companies in the space.
One such company is BlockFi, which today announced it has closed on a massive $350 million Series D funding that values it at $3 billion. While this news in and of itself is certainly attention-getting, it’s even more impressive when you consider the startup just raised a $50 million Series C last August at a $450 million valuation. The latest financing brings its total equity raised since inception to about $450 million, with the company raising $100 million across its seed and Series C rounds.
Zac Prince — who comes from a background in consumer lending — founded BlockFi with Flori Marquez in 2017. The Jersey City, New Jersey-based startup raised $1.6 million in a seed round of funding that closed in 2018 and was led by ConsenSys Ventures and included participation from SoFi.
Prince describes BlockFi as a financial services company for crypto market investors that offers a retail and institutional-facing suite of products. On the retail side of its platform, people can use its mobile app to earn a yield on their crypto holdings (6% on Bitcoin, 8.6% on stablecoins), buy and sell crypto and get low-cost loans secured by the value of their crypto portfolio “so they can get liquidity without selling,” he said. Specifically, clients can buy and sell digital assets (from Bitcoin, Ethereum and Link to Litecoin, PaxG and multiple stablecoins) directly on BlockFi.
The startup is also a lender and provider of trade execution services to institutions participating in digital asset markets.
It’s a model that seems to be working in a big way. Since the end of 2019, BlockFi has seen its client base grow from 10,000 to more than 225,000. Today, BlockFi has 265,000 funded retail clients and over 200 institutional clients.
And it’s lent over $10 billion to its retail, corporate and institutional clients.
Over the past year, BlockFi has also accomplished the following:
- Increased the number of assets on its platform to $15 billion, compared to $1 billion last March — with a 0% loss rate across its lending portfolio since inception.
- Bumped its monthly revenue to over $50 million, up from $1.5 million a year prior.
- Boosted its headcount to about 530 people, compared to 100 last March.
“In less than six months since we completed our Series C, Bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets,” Prince said. “Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10 times year over year in 2020 and has more than doubled since the end of 2020.”
New investor Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global co-led the Series D, which included participation from a slew of other firms including existing backer Valar Ventures, Breyer Capital, Susquehanna Government Products, Jump Capital and Paradigm, among many others. BlockFi employees who have been employed for more than one year have the opportunity to receive liquidity on a portion of their equity via a secondary tender offer as part of the financing round.
BlockFi believes that investor enthusiasm for the Series D round reflects both the company’s strong business growth, as well as “broader conviction in cryptocurrencies as an asset class.”
“Individual investors, institutional asset managers and corporate treasury departments are all exploring avenues to invest in cryptocurrencies,” the company said.
“Our goal for BlockFi has always been for it to facilitate cryptocurrencies going mainstream – and each day provides more evidence that is exactly what is occurring,” said Marquez, who serves as the company’s SVP of operations.
Bain Capital Ventures Partner Stefan Cohen agrees. He believes there are currently limited banking services available for crypto holders, which puts BlockFi in an opportune position.
“Bitcoin has already eclipsed $1 trillion in market cap and is likely headed higher to fulfill its store of value promise. As wealth accumulates to BTC holders, most will look for ways to earn yield or borrow against their holdings for more traditional asset purchases such as homes, cars and education,” he wrote via email. “BlockFi stands alone as the leader in bringing simple, secure, everydayfinancial services to cryptocurrency holders.”
The startup’s exponential growth over the past year proves “there was clearly a huge need for BlockFi’s services,” Cohen said.
“Their vision was to build an easy-to-use, trusted platform to bring cryptocurrency to the mainstream, and they’ve truly succeeded,” he added.
Meanwhile, Cohen said Bain Capital has had a long-term thesis on Bitcoin becoming a store of value and has actively invested in “picks-and-shovels businesses” that enable what is now a $1 trillion-plus market.
“Trusted financial services are a critical pillar of the space, and we view it as a highly strategic component of the market,” he added.
Looking ahead, the startup has plans to launch in the second quarter a Bitcoin Rewards Credit Card, which will give BlockFi clients the ability to earn Bitcoin cash back on every transaction. It plans to use the new capital to continue growing its product suite, expand into new global markets and for strategic acquisitions. The company also plans to double its headcount by year’s end, according to Prince.
BlockFi already has a global presence and retail clients in over 100 countries. Last year, it opened institutional client service offices in London and Singapore. This year, the startup is looking to add regional support in Europe, APAC and LatAm for its retail clients.
Over the past week, BlockFi was making headlines for other reasons. The company was the victim of an “unusual assault” on March 7 when an attacker spammed the platform with fake sign-ups and abusive language.
To that end, the company acknowledges that it became aware that an unauthorized third party began attempting bulk sign-ups on its platform on March 7.
“We do not know the origin of the email addresses used for these ‘sign-ups’ but they did not come from us and they were not the emails of BlockFi clients,” the company told TechCrunch. “In general, we would characterize the event as vulgar spam’ and the total number of valid emails affected was less than 1,000.”
The company maintains that no data from BlockFi was accessed and its data was not compromised.
“Our clients’ funds and data were safeguarded throughout the incident,” the company added. “Since then, our engineering and security teams have taken steps to prevent events like this from happening in the future. In addition, we reached out directly to all of the valid email recipients to apologize for the incident.”
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After Bitcoin propelled it to a double-digit gain in 2021, Anthony Scaramucci’s SkyBridge fund of funds fell 8.3 percent during January’s market turmoil and crypto pullback, according to letters sent to investors.
“We believe investors should approach 2022 with humility,” SkyBridge executives Scaramucci, Brett Messing, and Ray Nolte wrote in the firm’s year-end letter.
Even though investments in Bitcoin and Ethereum led a monthly decline of 6.39 percent in December, cryptocurrencies were still the biggest contributor to SkyBridge’s performance last year. They also made up 16.32 percent of the $2.37 billion portfolio at year end.
SkyBridge’s multi-adviser hedge fund portfolios, called Series G, ended the year up 11.23 percent.
So far this year, however, crypto has been one of the firm’s losers. Bitcoin fell 16 percent during January and was off more than 40 percent from its November highs.
Still, SkyBridge execs said they believed that “the cryptocurrency market, particularly Bitcoin, has been substantially de-risked over the last year,” adding that the “naysayers” are “remarkably unpersuasive.”
After January’s downturn, Bitcoin has begun to bounce back, but it has not entirely recovered. At $44,000 per bitcoin, it is still trading slightly below where it was a year ago.
Another big winner in 2021 was Dan Loeb’s Third Point — SkyBridge’s second-biggest allocation, at 11.72 percent of the portfolio. Third Point gained 23.9 percent last year, but it too had a bad January. The fund fell 8.7 percent.
Steve Cohen’s Point72 Asset Management, SkyBridge’s third-biggest position at 11.69 percent, reportedly gained about 9 percent in 2021. Point72’s gains were tempered by shorts in GameStop and other meme stocks.
Point72 is also an investor in Gabe Plotkin’s Melvin Capital, as is SkyBridge. Melvin did not recover from its 50 percent drawdown in January following the GameStop drama, which pummeled the hedge fund, whose shorts made it a target of meme stock investors. Melvin ended the year down 39 percent.
At year end, 3.6 percent of SkyBridge’s portfolio was still invested in Melvin.
SkyBridge said its long/short equity managers finished down over 20 percent, though it said it was staying the course with these hedge fund managers. In addition to Melvin, SkyBridge also had a commitment to Philippe Laffont’s Coatue Management, which comprised 3.19 percent of the portfolio.
Like others in the Tiger family, Coatue has suffered from the downturn in tech and Chinese stocks. According to the Wall Street Journal, it fell 4.2 percent in January after eking out a gain of 5.8 percent in 2021.
This year, SkyBridge said it plans to maintain substantial commitments to Third Point and Point72 Asset Management, while also adding capital to Millennium Management.
“These managers have demonstrated an ability to generate returns while also protecting capital during difficult markets,” the team wrote.
SkyBridge’s other top holdings at year end included Linden, Axonic Credit Opportunities, Hildene Opportunities II, Armistice, and Seer Capital Partners.
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“Any company with an adverse energy mix and large dependency on crude derivatives would be in for EBIT shock. But it could be transient. ”
Bitcoin trading ‘like a Ping-Pong’ match, says investor as Fed kicks off a series of interest rate hikes
“The initial derisking has already happened, which is reflected in the lower level of liquidations overall,” Michael Safai, managing partner at crypto prop trading firm Dexterity Capital, wrote to MarketWatch in an email.
Ben McMillan, founder and chief investment officer at IDX Digital Assets, said that “I think a lot of bad news had already been priced in.”
“What we’re seeing is that bitcoin has been extremely rangebound these last few weeks with the onset of the Ukrainian conflict. It’s been like watching a Ping-Pong ball match, just kind of back and forth between support and resistance,” McMillan told MarketWatch in a phone interview.
The Fed did not give details of how it will shrink its balance sheet, but Fed Chairman Jerome Powell said in a Wednesday press conference that runoff may start as soon as the next meeting on May 4.
The market has been pricing seven quarter-percentage-point interest hikes this year and it is “on the very hawkish side of things,” Tony Nyman, Informa Global Markets’s FX Fundamentals manager told MarketWatch in an interview. The Fed “can’t really go much more than that, unless they start doing the more aggressive 50 basis points moves, which historically, they don’t tend to do that much,” Nyman said.
“But again, there is huge economic and global uncertainty at the moment surrounding prices outlook, surrounding Ukraine. So what I’d say [is] we have to stick with this hawkish notion, but there is probably room for disappointment on the hawkish side to hear,” according to Nyman.
Joel Kruger, FX strategist at LMAX Group said that “I think that there’s really no conversation to be had about bitcoin moving up until we establish back above the February high. And that level comes in roughly around $46,000,” Kruger said. “Until then, the pressure is on the downside.”
U.S. stocks closed higher on volatile trade Wednesday. The Dow Jones Industrial Average DJIA, ended 1.6% higher and the S&P 500 SPX, gained 2.2%. The Nasdaq Composite Index COMP, rose 3.8%.
As filed with the Securities and Exchange Commission on September 7, 2021
Registration No. 333-259028
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1
TO
FORM
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
a.k.a. Brands Holding Corp.
(Exact name of registrant as specified in its charter)
| Delaware | 5961 | |||
(State or other jurisdiction of incorporation or organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification No.) |
100 Montgomery Street, Suite 1600
San Francisco, California 94104
Telephone:
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Jill Ramsey
Chief Executive Officer
100 Montgomery Street, Suite 1600
San Francisco, California 94104
Telephone:
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies of all communications, including communications sent to agent for service, should be sent to:
James S. Rowe Michael P. Keeley Kirkland & Ellis LLP 300 N. LaSalle Chicago, Illinois 60654 Telephone: (312) | Michael Kaplan Marcel R. Fausten Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) |
Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☐
If this Form is filed to registered additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated Filer | ☐ | |||
| Non-accelerated filer | ☒ | Smaller Reporting Company | ☐ | |||
| Emerging Growth Company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒
| ||||
Title of Each Class of Securities to be Registered | Proposed Maximum Aggregate Offering Price(1)(2) | Amount of Registration Fee(3) | ||
Common Stock, par value $0.001 per share | $100,000,000 | $10,910 | ||
| ||||
| ||||
(1) Includes the aggregate offering price of shares of common stock subject to the underwriters’ option to purchase additional shares.
(2) Estimated solely for purposes of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.
(3) Previously paid.
The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
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