March 27, 2019, 10:44PM EDT
• 2 min read

Bitcoin outperformed private investing in crypto-mining firms, even with 80% decline from peak price

Quick Take

  • Private investments in some of the largest crypto-mining companies (Bitfury, Bitmain, and Canaan) have underperformed outright ownership of BTC at the time of private funding to today (BTC outperformed Bitfury 5x — +100x and Canaan by ~2x)
  • Bitmain private investment rounds have now raised ~$1.5 billion within the past 12 months, but given the failed IPO and executive shakeup, the likelihood of Series B and C investors outperforming BTC on paper during the current bear market (2018/19) has been reduced greatly

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