Blockchain Social Network Minds Putting 25% of Its Balance Sheet Into Crypto

Blockchain social network startup Minds is converting 25% of its balance sheet, or around $2.5 million, into cryptocurrencies, founder and CEO Bill Ottman told Fortune in an interview published Thursday.

Ottman said the move represents around a quarter of the $10 million Series B funding round the company raised in June.
Altogether, Minds is allocating 5% of its cash to bitcoin, 10% to ether and another 10% to Circle’s USDC-backed Circle Yield product.
“It has a huge impact when Tesla and Square and MicroStrategy [buy crypto], but if we can create a phenomenon where startups are all putting a tangible percentage of their balance sheet into crypto, that’s a serious trend that could really change the market,” Ottman told Fortune.
Minds is a social network that allows its five million members to promote their posts and perform transactions using crypto.
The CEO went on to explain that a lot of Minds’ infrastructure is running on Ethereum, adding “we believe in Ethereum, and we want to hold [Ether].”

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

Follow @Tanzeel_Akhtar on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.