August 2021: Amazon, The B Word, and GBTC
With continued volatility, digital assets have made a surge and are significantly up for the month. We are pleased to report the CkSum Select Fund I (the "Fund") was up 12.86% for the month and continuing the Fund's upward trajectory into August.
The month of July had several events that drove the news cycle and investor sentiment. First, it was reported that Amazon placed a job posting pointing to the company's growing interest in cryptocurrency. Second, "The B Word" conference revealed Elon Musk owns Ethereum, while SpaceX holds Bitcoin. Third, Bitcoin has ESG potential. Finally, The Grayscale Bitcoin Trust ("GBTC")
went through its unlock and filed with the SEC to make its digital large cap fund an SEC reporting entity.
For more information on ESG and Cryptocurrency, be on the lookout for CkSum's first edition of "Insights," which will provide our team's analysis on the subject. Volume 1 of Insights should be available within the next week.
As noted in last month's newsletter, CkSum believes volatility will continue in the short term and the recent market correction was not an indication of a bear market. The Fund took advantage of the pricing and deployed cash on-hand to increase our holdings. Our Investment Committee, led by Richard Sparrow, has been reviewing several DeFi projects and begun the formal fundraising process.
If you have any questions for me or the CkSum team, please reach out at your convenience.
-James Dougal, CEO