I was invested in DCC a while back, when Zhenya Tsvetnenko was...

I was invested in DCC a while back, when Zhenya Tsvetnenko was still the CEO. The company had a great product a few years ago: the liquidity desk, essentially a well-run Bitcoin treasury desk that was providing Bitcoin liquidity to wholesale institutions (i.e. exchanges, ATM providers, etc), and also Bitcoin mining, with a top-notch mining facility in Iceland (where electricity is cheap due to thermal power). It also had the promise of AirPocket: a phone app for remittance and phone-credit topping up, using a block-chain technology.

When Zhenya was charged with defrauding customers (in one of his previous ventures, unrelated to DCC) and had to step down, Alex Karis took over and didn't run the company well. In fact I think he was a crook, paying himself a high salary, lending DCC cash to one of his other companies via a loan with essentially no interest, etc. When Leigh Travers ousted Karis, I thought it was a step in the right direction. Unfortunately, the Liquidity Desk was already dead by then and eventually completely ceased its operation, whilst the mining operation had been long discontinued as well. AirPocket turned out an unfinished, completely useless app and the development team of AirPocket (led by an MIT graduate) left DCC.

I don't think Leigh is a crook, but unfortunately, his track record is poor. The only good thing he's done is slashing expenses. But that's about all. I just checked the last annual report: the company hasn't made a profit in the past 5 years, with the exception of 1 year. If DCC cannot grow its Asset Management fund when Bitcoin is touching $ 40K, when will it? It's been trying to grow the fund for a couple of years now...

I managed to sell one third of my holdings in Dec 2017 at 41 cents and the remaining two thirds at 16 cents later on, which was a break-even level for me. So I made some money on the one third, whilst exiting the rest at a break-even, but overall, I felt disappointed. I had been invested for a number of years and the company even touched close 1 cent at one point. I had to average down from an initial investment at around 22 cents... and then hold for a while: was lucky to capitalize on the Bitcoin spike in Dec 2017, otherwise I would have lost most of my cash.

I can't see how the company will turn profitable any time soon. I just came back here out of interest after a prolonged period on the sidelines, as I was interested in how DCC is faring during this new Bitcoin craze: I won't be reinvesting (any time soon) and can see this going south if Bitcoin tanks.

Good luck if you're holding, but like me back in 2016 & 2017: you're in for a punt, and this is now a "hoping stock", hoping something magical will happen, not a sound investment. The track record just isn't there for this to be a sound investment in a "growth stock".