Ann: Bitcoin and digital asset exposure - June 2021, page-10

Some serious concerns:
- Recent decline in BTC
- Last year's crypto bull run was not monetised by management, why didn't they trade crypto through the peaks and troughs?
- The company getting paid in crypto which is subject to lock up for two years, who knows whether it will have value by the time it is released
- The ongoing net loss, net cash outflow
- The inability of management to clearly articulate a strategy towards profitability
- The BTC fund is struggling to attract new investment (last month $400k inflow or which $350k came from DCC). How will management earn decent fees on this fund when the relative FUM are low.