Ride ‘Em, Cowboy: Bitmain’s Marketing Gambit Ups Its Texas-Sized Position on Bitcoin
Bitmain's new strategy of giving put options on bitcoin to buyers of its miners amounts to a "Texas hedge" – doubling down on risk, not offsetting it.
Derivative contracts on ether are more popular than ever, as evidenced by record open positions in options listed on the Panama-based derivatives exchange Deribit.
The $5 million round, led by Octopus Ventures, adds to a $2 million seed round raised in September of last year.
Bitcoin's options market is in the midst of its strongest bullish sentiment on record as the cryptocurrency rallies to three-year highs.
Bitcoin jumped the most in two weeks Monday, surging alongside U.S. stocks amid speculation that the Federal Reserve and other central banks will support markets as the coronavirus spreads.
Bitcoin is unlikely to get bid up after the May 2020 mining reward halving, based on the way the cryptocurrency’s options are valued.