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

Minds is allocating 5% of its cash to bitcoin, 10% to ether and 10% to USDC.

Sep 16, 2021 at 5:59 p.m. UTC
Updated Sep 16, 2021 at 7:44 p.m. UTC

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].”

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Tanzeel Akhtar is a CoinDesk news reporter based in Europe.