31
2019 The Investment Case for Bitcoin

The Investment Case for Bitcoin - Lopp · 2020. 5. 13. · — Gold coins are a money: usable on a very limited basis for transactions but not as easily as a currency — Artwork

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Page 1: The Investment Case for Bitcoin - Lopp · 2020. 5. 13. · — Gold coins are a money: usable on a very limited basis for transactions but not as easily as a currency — Artwork

2019

The Investment Case for Bitcoin

2

Bitcoin as a Potential Store of Value 3

Bitcoinrsquos Role in an Investment Portfolio 9

Accelerating Bitcoin Adoption 18

Table of Contents

Understanding the differences between monetary and intrinsic value

Bitcoinrsquos combination of durability scarcity privacy and its nature as a bearer asset all contribute to it holding monetary value

Bitcoin is on the path to becoming digital gold

So why donrsquot institutional investors own bitcoin

Bitcoin as a Potential Store of Value

3

Please see important disclosures at the end of this presentation

To determine if Bitcoin has value it is important to start with understanding the two types of value

Intrinsic Value (IV) Value that exists because an economic good produces cash flow or has overt utility equities fixed income real estate and consumable commodities (corn oil etc)

Monetary Value (MV) Value that exists in spite of an economic good not having intrinsic value or value that exists in excess of an economic goodrsquos intrinsic value

Bitcoin and Monetary Theory

4

Precious metals have a tiny amount of intrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

Goods with Intrinsic Value Goods with Monetary Value

Equities Gold

Fixed Income Silver

Real estate Diamonds

Corn Bitcoin

Wheat Artwork

Oil US Dollars

Copper Emeralds rubies other gemstones

Nothing ever ldquobacksrdquo MV MV is inherently a bet that an object will retain value or increase in value in the future Items with MV are items that store value and can be seen as claims on future IV This may make people uncomfortable but it has been true since the dawn of civilization

MV arises because of collective belief Behavioral economics heard behavior etc Humans have long needed a way to store value outside of IV Money is a natural consequence of a productive society

Monetary value neednrsquot relate to any sovereign power historically most objects of monetary value have no relationship to a sovereign power ndash gold gemstones etc

The creation of a new object with monetary value is rare but not unheard of Artwork is a good example Artwork as MV is a phenomenon of the past few centuries Artwork did not have MV in early societies

MV usually arises from special needs or circumstancesmdash Gold acquired MV because it was scarce durable and relatively easy to make into coins bars

etcmdash Bitcoin has MV because it is scarce (which is spectacularly unique in a digital world) durable

has strong privacy characteristics (ie it is pseudonymous) is a bearer asset that can be memorized (making it especially useful in authoritarian regimes)

Monetary Value

5

Precious metals have a tiny amount of instrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

The generation of MV does not require that an object be attached to a payment systemmdash Artwork is not used for payments but its value is entirely MVmdash Gold was used in the past for payments but nowadays only on a very limited basismdash Bitcoin is not a terrific payment system but certainly better than artwork and gold

The more people that come to accept than an object has MV the more likely it is to have MV in the future

Volatility is an inherent consequence of the process of an object acquiring MVmdash When gold first acquired MV there was plenty of disagreement about how many goats you could

get for an ounce of gold

Currency is a sub-type of money Money is a sub-type of items with MVmdash USD is a currency usable for transactions on a regular basismdash Gold coins are a money usable on a very limited basis for transactions but not as easily as a

currencymdash Artwork is an object with MV Not readily usable for transactions but plenty of MV nonethelessmdash Bitcoin is not quite a currency but most certainly is a money however it may become a currency

in the future

Monetary Theory

6

Precious metals have a tiny amount of intrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

Source MVIS Website As of 06302019 Please see important disclosures at the end of this presentation

Traits of Money Gold Government Issued (US dollar) Crypto (Bitcoin)Fungible (Interchangeable) High High HighNon-consumable High High HighPortability Moderate High HighDurable High Moderate HighHighly divisible Moderate Moderate HighSecure (cannot be counterfeited) Moderate Moderate HighEasily transactable Low High HighScarce (predictable supply) Moderate Low HighSovereign (Government issues) Low High LowDecentralized Low Low HighSmart (Programmable) Low Low High

Bitcoin vs Gold vs Dollar

Bitcoin Has the Potential to Become ldquoDigital Goldrdquo

7

Return Distribution

Return Distribution

SampP 500
US Bonds
Bitcoin
Gold
US Real Estate
Oil
Emerging Market Currency
Percent of Periods
Bitcoin Return Distribution

Sheet1

None of the traditional capital markets infrastructure participants handle bitcoin

The difficulty largely has to do with bitcoinrsquos nature as a bearer asset The plumbing to connect bitcoin with capital markets has been limited

Why donrsquot Institutional Investors Have Exposure to Bitcoin

8

Please see important disclosures at the end of this presentation

Capital Markets

Function entity Stocks bonds etc Bitcoin and other digital assetsCustodians Prime brokers Clearing entities Settlement entities Transfer agents

Investment Cumulative Growth

Investment Cumulative Growth

60-40 Blend
60-40 Blend w 50 BPS
60-40 Blend w 100 BPS
60-40 Blend w 300 BPS
SampP 500
Bloomberg Barclays US Agg
Cumulative Return
Assemetric Return Profile212012 - 7312019

If Bitcoin is increasingly used as an asset with monetary value both on-chain and off-chain then how might one think of it as an investment

Several theories exist that point to increasing scarcity and Network Transfer Value as some of the drivers for historical Bitcoin growth

Bitcoin historical performance and how that could fit into an investment portfolio

Bitcoinrsquos Role in an Investment Portfolio

9

Please see important disclosures at the end of this presentation

The stock to flow ratio is defined as the amount of an asset that is held in reserves divided by the amount of that asset produced for a selected time period

The below stock to flow data suggest that bitcoin may have potential to grow based on historical data and scarcity characteristics of bitcoin gold and silver

Stock to Flow Ratio Illustrates Bitcoin Growth Potential

10

Source Medium ldquoModeling Bitcoinrsquos Value with Scarcityrdquo March 22 2019 Please see important disclosures at the end of this presentation

Halving is defined as a 50 block reward cut to bitcoin production rate Halvings are programmed into bitcoin and occur roughly every four years (210000 blocks)

Historically given the increasing scarcity induced by halvings the price of bitcoin has increased following halvings over the course of Bitcoinrsquos lifecycle

The next halving is expected in May 2020

Bitcoin Halving Illustrates Scarcity-Driven Historical Growth

11

Source Morningstar Data as of 7312019 Please see important disclosures at the end of this presentation

10

100

1000

10000

100000

1000000

10000000

Cum

ulat

ive R

etur

n

MVIS CryptoCompare Bitcoin Index212012 - 7312019

2nd halving792016Bitcoin price $65761

1st halving11282012Bitcoin price $1222

Bitcoin has performed well versus major indices Most long term periods such as 3 and 5 year have been historically positive for Bitcoin

Bitcoin Historically Outperforms Traditional Asset Classes

12

Source MVIS Data as of July 31 2019 US Bonds is measured by the Bloomberg Barclays US Aggregate Index Gold is measured by the SampP GSCI Gold Spot Index US Real Estate is measured by the MSCI US REIT Index Oil is measured by the Brent Crude oil spot price Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index See disclaimers and index descriptions at the end of this presentation Past performance is no guarantee of future results

1 Month 3 Months YTD 1 Year 3 Years 5 YearsBitcoin -1083 8640 15839 2892 16730 8232SampP 500 144 169 2024 799 1336 1134US Bonds 022 328 635 808 217 305Gold 170 1183 1221 1655 193 231ACWI 017 -009 1507 087 801 439

10

100

1000

10000

100000

1000000

10000000

Cum

ulat

ive R

etur

n

MVIS CryptoCompare Bitcoin Index212012 - 7312019

Trailing Returns () Most Recen

Very low correlation with traditional asset classes such as broad market equity indices bonds and gold

Potential for increased portfolio diversification

Low Correlation with Traditional Asset Classes

13

Source Morningstar Data as of July 31 2019 US Bonds is measured by the Bloomberg Barclays US Aggregate Index Gold is measured by the SampP GSCI Gold Spot Index US Real Estate is measured by the MSCI US REIT Index Oil is measured by the Brent Crude oil spot price Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index See disclaimers and index descriptions at the end of this presentation

Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market

Currencies

SampP 500 - -028 001 -004 059 032 029US Bonds -028 - 003 026 012 -017 009Bitcoin 001 003 - 003 004 -005 -001Gold -004 026 003 - 007 009 031US Real Estate 059 012 004 007 - 012 027Oil 032 -017 -005 009 012 - 026Emerging Market Currencies 029 010 -001 031 027 023 -

Correlation Matrix

Bitcoin may enhance the risk and return reward profile of institutional investment portfolios A small allocation to bitcoin significantly enhanced the cumulative return of a 60 equity and

40 bonds portfolio allocation mix while only minimally impacting its volatility

A Small Bitcoin Allocation May Improve Portfolio Upside

Source Morningstar Data ss of 07312019 Please see important disclosures at the end of this presentation

14

0

50

100

150

200

250

Cumu

lative

Retu

rn

Assymetric Return Profile212012 - 7312019

60 EQ 40 BD 5975 EQ 3975 BD 05 BTC 595 EQ 395 BD 1 BTC

585 EQ 385 BD 3 BTC SampP 500 Bloomberg Barclays US Agg

Cumulative Return Annualized Return Std Dev BetaSampP 500 16569 1392 1117 100Bloomberg Barclays US Agg 2191 268 285 -00360 EQ 40 BD 9715 947 668 0595975 EQ 3975 BD 05 BTC 11056 1044 685 060595 EQ 395 BD 1 BTC 12471 1140 716 061585 EQ 385 BD 3 BTC 18949 1523 939 065

As the digital asset industry has matured Bitcoin decouples from small caps and drives large-cap index performance

Bitcoin to small cap performance difference has been 139 and the large cap to small cap performance difference has been approximately 40 in the past year as illustrated by the below indices

Bitcoin and Large-Caps Decouple From Small-Caps

15

Source BloombergMVIS Data as of 07152019 Please see important disclosures at the end of this presentation

17701

7823

3849

-50

0

50

100

150

200

250

300

Cumulative Performance

MVIS CryptoCompare Bitcoin Price MVIS CryptoCompare Digital Assets 10 MVIS CryptoCompare Digital Assets 100 Small-Cap

Bitcoin risks to consider include

Hacking of trading platforms and participants in the life cycle of a trade (usually social engineering)

Price volatility

Encryption vulnerability developments in quantum computing (which would increase success of private key hacking credit cards more vulnerable nevertheless)

Noveltyextreme early stage of many applications

Unintentional coding error

Governance shortcomings

Can miners and developers ldquorunrdquo the ldquocorerdquo software (Linux is a good example for successful execution)

Ecosystem design

Will payments continue to sustain processing and verification activities

Bitcoin Market Structure Risks

16

State Regulation

‒ Colorado exempts crypto from state securities regulation

‒ Wyoming recognized crypto as property allows banks to be custodians enables tokenization

Physically Settled Bitcoin Futures receive regulatory approval

Established custodians enter crypto

Established brokerages to offer spot digital asset trading

Pension funds and endowments allocate to digital assets

Global regulators start cracking down on ICOsunregistered offerings Bitcoin is different

ETFs under consideration VanEck-SolidX proposal is at the top of the pile

Heavy Momentum in Crypto Developments

17

Please see important disclosures at the end of this presentation

18

Accelerating Bitcoin Adoption

Bitfinex makes over $400 million1 Top 650 of US companies Binance in the same range

LiquidityhellipBitcoin daily volume over $2 billion2

Bitcoin and crypto became more available to retail investors‒ Swiss Exchange offers crypto trading (no Europe equity exchanges)‒ Robinhood TD and Etrade offer trading in crypto‒ Etoro large crypto broker offers commission-free trading in ETFs‒ Exchange-standard surveillance software implemented by crypto exchanges‒ OTC crypto brokers offer price feed to market through MVIS

CME futures contracts top 25000 BTC open interest $350 million notional3

Crypto exchanges use best practices such as surveillance and accounting software

Exchanges are the target of hackers but can reimburse losses(Binance refunds $40 million in losses from insurance fund)4

Crypto Exchanges are Healthy Not Going Away

19

1 Bitfinex Data as of 5820192 Cryptocompare Data as of 71020193 CME Data as of 62420194 BinancePlease see important disclosures at the end of this presentation

CME Bitcoin Futures Contract Sets New Trading Record

20

Source CME Group Data as of 6242019 Please see important disclosures at the end of this presentation

1523

2405

2873

3356

3822

4560

0

5000

10000

15000

20000

25000

30000

0

1000

2000

3000

4000

5000

6000

of E

quiva

lent B

itcoi

n

of B

TC C

ontra

cts

CME Bitcoin Futures Average Daily Open Interest

Bitcoin Trading is Not Concentrated

21

Source Bitcoinity Data as of June 2019

1 Month 6 Months

Exchange Volume (BTC) Market ShareCoinbase 783K 2240Bitfinex 527K 1507Kraken 524K 1500Bitstamp 416K 1190Bit-X 409K 1168bitFlyer 272K 779Bithumb 234K 669Others 162K 462Gemini 87K 248BitBay 83K 237

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

bitFly er

BithumbOthers Gemini BitBay

Coinbase Bitfinex Kraken Bitstamp Bit-xbitFlyer Bithumb Others Gemini BitBay

Exchange Volume (BTC) Market ShareCoinbase 280M 1915Bitfinex 242M 1655Kraken 221M 1513Bitstamp 187M 1280Bit-X 152M 1037Others 103M 702bitFlyer 102M 694Bithumb 934K 638Gemini 475K 324Itbit 345K 242

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

Others

bitFly er

BithumbGemini Itbit

Coinbase Bitfinex Kraken Bitstamp Bit-xOthers bitFlyer Bithumb Gemini Itbit

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

Chart1

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

6 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

image15png

image16png

Chart2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

6 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

image15png

image16png

21

147

251

202

247

86

3509 01 00

000

500

1000

1500

2000

2500

3000

BT

C Ow

ned

in V

ario

us W

allet

Ran

ges

100000 - 1000000 10000 - 100000 1000 - 10000 100 - 1000 10 - 100 10-10 01 - 1 001 - 01 0001 - 001 0 - 0001

Caveat Multiple wallets per person Digital asset exchange wallets

represent bitcoin holdings of multiple persons

Bitcoin Ownership Seems Well DistributedNot Concentrated

22

Source Bitcoin Blockchain as of July 2019

Amount BTC Owned

Number of Wallets

Amount USD Owned Total Owned Cumultative

Owned100000 - 1000000 3 4059989007 21 21

10000 - 100000 115 27920455571 147 1681000 - 10000 1857 47829664968 251 420

100 - 1000 14199 38479936713 202 62210 - 100 134694 47043087453 247 869

10-10 585866 16378291621 86 95501 - 1 1971924 6613595738 35 990

001 - 01 4667132 1644668550 09 9990001 - 001 5968069 258169639 01 1000

0 - 0001 12806108 27379675 00 1000

Chart1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Bitcoin Ownership

100000 - 1000000

10000 - 10000032500000000000001E-210000 - 100000

10000 - 1000000127700000000000011000 - 10000

10000 - 100000024970000000000001100 - 1000

10000 - 1000000210210 - 100

02505999999999999910-10

86199999999999999E-201 - 1

33700000000000001E-2001 - 01

80000000000000002E-30001 - 001

11999999999999999E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Sheet1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Pie Chart

Bitcoin Ownership

100000 - 1000000

10000 - 10000032500000000000001E-210000 - 100000

10000 - 1000000127700000000000011000 - 10000

10000 - 100000024970000000000001100 - 1000

10000 - 1000000210210 - 100

02505999999999999910-10

86199999999999999E-201 - 1

33700000000000001E-2001 - 01

80000000000000002E-30001 - 001

11999999999999999E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Sheet1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Pie Chart

A full-node is a computer that downloaded and continuously updates a full copy of the Bitcoin-blockchain(You can host your own full node with as little as 200GBs Itrsquos your own mini bank)

A mining node is a computer that participates in the verification of transactions on the Bitcoin-blockchain

10435 Nodes

Top 10 countries with their respective number of reachable nodes are as follows

Rank Country Nodes

1 United States 2407 (2307)

2 Germany 1849 (1772)

3 na 1046 (1002)

4 France 600 (575)

5 Netherlands 521 (499)

6 China 411 (394)

7 Canada 349 (334)

8 United Kingdom 303 (290)

9 Singapore 286 (274)

10 Russian Federation 268 (257)

Bitcoin Adoption Continues Nodes and Users

23

Source Bitnodesearncom Data as of 7312019 Please see important disclosures at the end of this presentation na represents unknown locations but likely are mining pools

10000 Bitcoin Mining Nodes and 100000 Full Nodes

Bitcoin Adoption Continues On-Chain Transactions

24

1SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services Source Blockchaininfo Data as of 7132019 Please see important disclosures at the end of this presentation

Bitcoin transactions cross 400000 permissionless transactions a day exhibiting significant network value

Bitcoin on-chain transactions amount to a significant portion of SWIFT transactions1

0

100000

200000

300000

400000

500000

Tran

sact

ions

Daily Confirmed Bitcoin Transactions

A number of applications are being built on Bitcoin and there is a natural evolution taking place

Sidechains could be the next step in boosting Bitcoin adoption as they allow for scalability and customizations while retaining Bitcoinrsquos security properties

Built on top of the Bitcoin-blockchain the Lightning Network pushes the boundaries of Bitcoin payment capabilities with lower costs and faster speeds

Taking advantage of Bitcoinrsquos trust-minimized features Microsoft works to build a decentralized identity platform on the Bitcoin-blockchain

Tracking Bitcoin Adoption Off-Chain

25

Please see important disclosures at the end of this presentation

Established code base ndash Sidechains are based on Bitcoin-blockchain architecture

Security ndash Sidechains preserve the most important security properties of the Bitcoin-blockchain

Scalability ndash Sidechain transactions make verification faster (Example The Liquid sidechain supports Lightning enabling scalability up to millions of transactions per second

Privacy ndash Confidential transactions increase privacy for network participants

Customization ndash Possible to apply investor restrictions on sidechains Bitcoin is permissionless

Sidechains Supercharge Bitcoin Capabilities

26

The Lightning Network ndash Is a payment-focused layer 2 application built on top of the Bitcoin-blockchain (almost like a sidechain but different)

Scalability ndash Millions of transactions per second vs Bitcoin (7 txsec) and Visa (45000 txsec)1

Cost ndash Bitcoin transactions to reduce to fraction of a cent instead of dollars

Privacy ndash Retained from Bitcoin network identity only posted when lightning channel closed

Importance ndash Decentralized and trust-minimized transactions to compete with established centralized payment networks such as Visa MasterCard PayPal etchellip

Lightning Network is a Significant Payments Layer on Bitcoin

27

1 Visa Data as of 082017Please see important disclosures at the end of this presentation

What Decentralized online identity platform secure trust-minimized login

Who Microsoft decides to build it on Bitcoin

Where Built on top of the Bitcoin-blockchain(layer 2)

Why Online identity is centralized fragmented and prone to theft

When Launched on testnet in May 20191

Microsoft Secures Online Identity Using Bitcoin

28

1 MicrosoftPlease see important disclosures at the end of this presentation

Ten Most Liquid Digital Assets

Source CryptoCompare Data as of 6302019 Please see important disclosures at the end of this presentation

29

Rank Coin Price Direct Vol24 Hour

Total Vol 24 Hour

Market Cap

1 BitcoinBTC $1080880 $293 B $1198 B $19222 B

2 XRPXRP $04013 $17377 M $164 B $4013 B

3 EthereumETH $28934 $58194 M $508 B $3086 B

4 Bitcoin CashBCH $40207 $14365 M $93655 M $718 B

5 LitecoinLTC $11480 $22212 M $198 B $717 B

6 EOSEOS $5764 $8364 M $220 B $587 B

7 Binance CoinBNB $3377 - $30839 M $477 B

8 TetherUSDT $09875 $5518 M $21568 M $354 B

9 Bitcoin SVBSV $18912 $1349 M $27685 M $338 B

10 CardanoADA $008471 $422 M $22712 M $220 B

All indices are unmanaged and include the reinvestment of all dividends but do not reflect the payment of transactions costs advisory fees or expenses that are typically associated withmanaged accounts or investment funds Indices were selected for illustrative purposes only and are not securities in which investments can be made The returns of actual accountsinvesting in natural resource equities energy equities diversified mining equities gold equities commodities oil industrial metals gold US equities and US bonds strategies are likely todiffer from the performance of each corresponding index In addition the returns of accounts will vary from the performance of the indices for a variety of reasons including timing andindividual account objectives and restrictions Accordingly there can be no assurance that the benefits and riskreturn profile of the indices shown would be similar to those of actualaccounts managed Performance is shown for the stated time period only

The SampPreg 500 Index a float-adjusted market-cap-weighted index of 500 leading US companies from across all market sectors The Bloomberg Barclays US Aggregate Bond TR Index is a broad-based benchmark that measures the investment grade US dollar-denominated fixed-rate taxable bond market The index includes Treasuries government-related and corporate securities MBS (agency fixed-rate and hybrid ARM pass-throughs) ABS and CMBS (agency and non-agency) The Bloomberg Barclays EM Local Currency Government TR Index is a flagship index that measures the performance of local currency Emerging Markets (EM) debt Classification as an EM is rules-based and reviewed annually using World Bank income group International Monetary Fund (IMF) country classification and additional considerations such as market size and investability The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs and represents about 99 of the US REIT universe and securities are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICSreg) It however excludes Mortgage REIT and selected Specialized REITs The SampP GSCI Gold Index Is a sub-index of the SampP GSCI provides investors with reliable and publicly available benchmark tracking the COMEX gold future The index is designed to be tradable readily accessible to market participants and cost efficient to implement The MVIS CryptoCompare Bitcoin Index measures the performance of a digital assets portfolio which invests in Bitcoin The MVIS CryptoCompare Digital Assets 10 Index is a modified market cap-weighted index which tracks the performance of the 10 largest and most liquid digital assets Most demanding size and liquidity screenings are applied to potential index components to ensure investability The MVIS CryptoCompare Digital Assets 100 Small-Cap Index is a market cap-weighted index which tracks the performance of the 50 smallest digital assets in the MVIS CryptoCompare Digital Assets 100 Index

All SampP indices listed are products of SampP Dow Jones Indices LLC andor its affiliates and has been licensed for use by Van Eck Associates Corporation Copyright copy 2018 SampP Dow Jones Indices LLC a division of SampP Global Inc andor its affiliates All rights reserved Redistribution or reproduction in whole or in part are prohibited without written permission of SampP Dow Jones Indices LLC For more information on any of SampP Dow Jones Indices LLCrsquos indices please visit wwwspdjicom SampPreg is a registered trademark of SampP Global and Dow Jonesreg is a registered trademark of Dow Jones Trademark Holdings LLC Neither SampP Dow Jones Indices LLC Dow Jones Trademark Holdings LLC their affiliates nor their third party licensors make any representation or warranty express or implied as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither SampP Dow Jones Indices LLC Dow Jones Trademark Holdings LLC their affiliates nor their third party licensors shall have any liability for any errors omissions or interruptions of any index or the data included therein

Index Definitions

30

The information herein represents the opinion of the author(s) but not necessarily those of VanEck and these opinions maychange at any time and from time to time Non-VanEck proprietary information contained herein has been obtained from sourcesbelieved to be reliable but not guaranteed Not intended to be a forecast of future events a guarantee of future results orinvestment advice Historical performance is not indicative of future results Current data may differ from data quoted Any graphsshown herein are for illustrative purposes only

This is not an offer to buy or sell or a solicitation of any offer to buy or sell any of the securities financial instruments mentionedherein The information presented does not involve the rendering of personalized investment financial legal or tax advice

No part of this material may be reproduced in any form or referred to in any other publication without express written permissionof VanEck

MV Index Solutions (MVISreg) develops monitors and markets the MVIS Indices a focused selection of pure-play and investable indicesdesigned to underlie financial products They cover several asset classes including hard assets and the internal equity markets as well asfixed income markets MVIS is the index business of VanEck a US based investment management firm

All investing is subject to risk including the possible loss of the money you invest As with any investment strategy there is noguarantee that investment objectives will be met and investors may lose money Diversification does not ensure a profit or protectagainst a loss in a declining market Past performance is no guarantee of future results

Important Disclosure

31

  • Slide Number 1
  • Table of Contents
  • Bitcoin as a Potential Store of Value
  • Bitcoin and Monetary Theory
  • Monetary Value
  • Monetary Theory
  • Slide Number 7
  • Why donrsquot Institutional Investors Have Exposure to Bitcoin
  • Bitcoinrsquos Role in an Investment Portfolio
  • Stock to Flow Ratio Illustrates Bitcoin Growth Potential
  • Bitcoin Halving Illustrates Scarcity-Driven Historical Growth
  • Bitcoin Historically Outperforms Traditional Asset Classes
  • Low Correlation with Traditional Asset Classes
  • A Small Bitcoin Allocation May Improve Portfolio Upside
  • Bitcoin and Large-Caps Decouple From Small-Caps
  • Bitcoin Market Structure Risks
  • Heavy Momentum in Crypto Developments
  • Accelerating Bitcoin Adoption
  • Crypto Exchanges are Healthy Not Going Away
  • CME Bitcoin Futures Contract Sets New Trading Record
  • Bitcoin Trading is Not Concentrated
  • Bitcoin Ownership Seems Well DistributedNot Concentrated
  • Bitcoin Adoption Continues Nodes and Users
  • Bitcoin Adoption Continues On-Chain Transactions
  • Tracking Bitcoin Adoption Off-Chain
  • Sidechains Supercharge Bitcoin Capabilities
  • Lightning Network is a Significant Payments Layer on Bitcoin
  • Microsoft Secures Online Identity Using Bitcoin
  • Ten Most Liquid Digital Assets
  • Index Definitions
  • Important Disclosure
Time
21514 13573135132
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21914 08271783643
22014 08237199519
22114 13236318763
22214 12930221177
22314 12611264821
22414 09485798767
22514 14575246166
22614 16287565927
22714 15207659984
22814 15563396559
3114 15709537806
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3314 11646861833
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3614 12042919967
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31114 21281410147
31214 15110931391
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31414 11361021338
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32114 14218921801
32214 18374292858
32314 14921829869
32414 14922566793
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32614 14471542865
32714 14321444937
32814 14093874985
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33014 13730684412
33114 15060414487
4114 17452461672
4214 17543596846
4314 15669113234
4414 14782734172
4514 10922258478
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42114 13404751177
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42814 13582742742
42914 13261491498
43014 14905690177
5114 11730896592
5214 15286863166
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51014 15891932653
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52114 09535651782
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52714 1459394895
52814 17164838747
52914 15805898369
53014 13981912357
53114 12983162846
6114 09791818889
6214 13072095445
6314 13094981191
6414 16093599104
6514 1478738025
6614 08896823194
6714 16309100258
6814 12921108824
6914 15044966184
61014 14376283064
61114 15549574944
61214 17288631064
61314 17115145483
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61714 15814323117
61814 13173556804
61914 15252044595
62014 15407015327
62114 18102883307
62214 15419560644
62314 10986710694
62414 11540406923
62514 14081133778
62614 16845131734
62714 15495020791
62814 13486908428
62914 17327084111
63014 15380571
7114 14236153296
7214 11135298416
7314 13695654099
7414 14714255444
7514 12583533812
7614 14748249755
7714 1740057038
7814 15572067979
7914 17239725777
71014 1525610579
71114 14676324936
71214 1224417148
71314 16637514968
71414 1721394067
71514 15810737419
71614 16420351096
71714 16469020911
71814 15179236952
71914 1380043673
72014 17606479081
72114 17840109324
72214 17674118021
72314 13957792752
72414 13875676253
72514 15571546003
72614 138063204
72714 10300744408
72814 16419321464
72914 18823004639
73014 18450903336
73114 17207911031
8114 19004792333
8214 17766871883
8314 1747438303
8414 1799004606
8514 14479327734
8614 08957189308
8714 17365468305
8814 17488227385
8914 14322357726
81014 14779817624
81114 19338972328
81214 17344201465
81314 35241359815
81414 59131834806
81514 47389336909
81614 5619870069
81714 62148160512
81814 52248468296
81914 55639478555
82014 58772967173
82114 70591830506
82214 7075731814
82314 8340069166
82414 66438727059
82514 47587332568
82614 5632089446
82714 5543440302
82814 56704514625
82914 56484790068
83014 56293219536
83114 42982063677
9114 82561088703
9214 99861866286
9314 94214297249
9414 91945192783
9514 92460951358
9614 84450356831
9714 49754511745
9814 8421380893
9914 65894483673
91014 50343675077
91114 44769002608
91214 20747268353
91314 36598303663
91414 50249805648
91514 56038966004
91614 57472918465
91714 8360793455
91814 75092435441
91914 240314861239
92014 230548974685
92114 201877509376
92214 17529809467
92314 142714066369
92414 68468463722
92514 102569602024
92614 109907118253
92714 109899982901
92814 125028405775
92914 66819049621
93014 38943310133
10114 40466454443
10214 39162015405
10314 5975520137
10414 44643247949
10514 67012969919
10614 90947678436
10714 73830827361
10814 71204760679
10914 83528018927
101014 7846664475
101114 5080022933
101214 26812546737
101314 25487573788
101414 27200899611
101514 25827178742
101614 22432910178
101714 52126375484
101814 62610582519
101914 5542590252
102014 48766483928
102114 43428861817
102214 35217158697
102314 22195473603
102414 24776862197
102514 21299307679
102614 64470302486
102714 59294775222
102814 40396593283
102914 30242696818
103014 35153026965
103114 43735825127
11114 2880896249
11214 11660738753
11314 24120782725
11414 13395649474
11514 54901311722
11614 62617329945
11714 45216327167
11814 31868031692
11914 36043734053
111014 79240141544
111114 41465683501
111214 36547228307
111314 74300805582
111414 61386535302
111514 51438609822
111614 43224430581
111714 34413777538
111814 38374191116
111914 40584840457
112014 33706192817
112114 34907972856
112214 43395719553
112314 43930688905
112414 24933454878
112514 40769052086
112614 42923954189
112714 42077751838
112814 47274000156
112914 54910975739
113014 43127244017
12114 31028585148
12214 27341658
12314 26285782836
12414 27915465781
12514 49229427201
12614 58000025068
12714 38138288203
12814 30703765356
12914 66673762913
121014 66294946293
121114 61281605178
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121314 2271945448
121414 18978735472
121514 32039561955
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121814 53255094864
121914 133125773068
122014 88764959056
122114 38042475584
122214 50384682404
122314 32756418275
122414 20480123255
122514 22198488243
122614 35776204323
122714 38914515855
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122914 2275654079
123014 65433906628
123114 18432011268
1115 50832466861
1215 17530034415
1315 44143706486
1415 49506384431
1515 6477916816
1615 86167748876
1715 66642661274
1815 48221781727
1915 48144468113
11015 41651322354
11115 94317123442
11215 5856096941
11315 6929112424
11415 90567021364
11515 91351069912
11615 98751002739
11715 68164590547
11815 58371116344
11915 50661892083
12015 52093490011
12115 56354468836
12215 110705665676
12315 53323268324
12415 4809040389
12515 41946251258
12615 72356059742
12715 116150212277
12815 97076657349
12915 63707119487
13015 67006190839
13115 69054221272
2115 99408394449
2215 77711618121
2315 38883977748
2415 57875100099
2515 50563067572
2615 21037706617
2715 49047316176
2815 44952295831
2915 39575328108
21015 29239642116
21115 49264215674
21215 75264696621
21315 46924370651
21415 58379555006
21515 8289733526
21615 34435734765
21715 48418377292
21815 41853868909
21915 42781088959
22015 22588617901
22115 26988175717
22215 21308036082
22315 17850754594
22415 14153658035
22515 14594384809
22615 15008536104
22715 33193920581
22815 29376805119
3115 41608526666
3215 38242463558
3315 37016648784
3415 13782336679
3515 19716581831
3615 18789916891
3715 34258221287
3815 34937988699
3915 3637554648
31015 32827943285
31115 22408095502
31215 2164442822
31315 4627496612
31415 23622944216
31515 22556817996
31615 15022924815
31715 21657440661
31815 39595684662
31915 63092037182
32015 58699386123
32115 34350549259
32215 26555238656
32315 217706026
32415 24824035668
32515 2924017606
32615 4120933911
32715 63024602194
32815 14968565703
32915 29015072558
33015 53006336947
33115 51544232836
4115 26931413196
4215 15323270742
4315 18280634981
4415 16014122565
4515 19072324276
4615 22453921558
4715 18065745079
4815 27078923254
4915 28434101938
41015 29939390035
41115 2608585465
41215 173275519
41315 18961823814
41415 263031835
41515 29599884461
41615 21398611644
41715 259495719
41815 21353476795
41915 14683385069
42015 16787609656
42115 04140548654
42215 08871015666
42315 09613947947
42415 09874029304
42515 06973483141
42615 17962539716
42715 257969971
42815 17469085682
42915 13030519976
43015 1093460239
5115 08006592016
5215 11756283819
5315 11442191531
5415 08187705185
5515 06827278004
5615 08495632268
5715 11189647774
5815 08647074556
5915 10008545387
51015 11852251727
51115 05930932118
51215 08515297365
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101817 00858139178
101917 00659537668
102017 00809667585
102117 00804994655
102217 00907078044
102317 00746050614
102417 00791826826
102517 00707800902
102617 0063468268
102717 00647251408
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103017 0054222944
103117 00466990155
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11217 01342628864
11317 01094929239
11417 00923751207
11517 00905421427
11617 01051647621
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11817 0087972243
11917 00504626306
111017 01010195504
111117 01409530375
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111417 00917994414
111517 00795193476
111617 00740365756
111717 01025573749
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112017 00660448179
112117 00988815425
112217 00790209436
112317 00598469312
112417 00925137277
112517 00488305195
112617 01021583116
112717 01226109061
112817 00787047886
112917 01642979744
113017 01484617066
12117 01126158591
12217 01005385188
12317 0105194426
12417 00966095703
12517 00626265819
12617 00977042671
12717 01548006614
12817 02268388798
12917 01750053432
121017 01767037437
121117 01140988805
121217 01073247253
121317 01187548583
121417 00890321124
121517 0082146209
121617 00509923361
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121817 00728720295
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122017 01459305895
122117 00992021922
122217 02182422831
122317 01536158465
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123017 01468821797
123117 01465808461
1118 0133562166
1218 01237281734
1318 00996842055
1418 00758183564
1518 00824125054
1618 00733043118
1718 00748050005
1818 01257581552
1918 01027060373
11018 01091505457
11118 01793997683
11318 00980233122
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2618 0124447168
2718 01031600061
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2918 00743837365
21018 00872332704
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21218 00746061878
21318 00869579704
21418 00754725721
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21618 00889518313
21718 00627979535
21818 0066697436
21918 00621835218
22018 00638607864
22118 00683697851
22218 00722371945
22318 0080014597
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3118 00583329185
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31018 00552959675
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31318 00507645369
31418 0054966153
31518 00453039063
31618 00436721107
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31818 00837844055
31918 00762699486
32018 00613304797
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32218 0059189035
32318 00507021722
32418 00578028455
32518 00671668161
32618 00606252354
32718 00553357738
32818 00422126971
32918 00409532933
33018 00669448666
33118 00645559312
4118 00556418111
4218 00377861832
4318 00408145767
4418 00458372437
4518 00547584429
4618 00411866879
4718 00476427048
4818 0034775803
4918 00399706205
41018 00358796876
41118 00316013811
41218 00446811614
41318 00441568449
41418 00470789159
41518 00462040234
41618 00421743532
41718 00369628378
41818 00377010977
41918 00303816771
42018 00323607969
42118 00628417606
42218 00540622016
42318 00398853339
42418 00346391988
42518 00417341418
42618 0035421657
42718 00347479339
42818 00411607492
42918 00427536221
43018 0037348017
5118 00377392734
5218 00360193034
5318 0028729561
5418 00346394252
5518 00399765994
5618 00460755715
5718 00361191714
5818 00331165283
5918 00280462336
51018 00274529413
51118 00318511213
51218 004124476
51318 00356115529
51418 00352361982
51518 0040888366
51618 00391293993
51718 00373369702
51818 00349872475
51918 0036977203
52018 00391918032
52118 00353758262
52218 00338199422
52318 00482954201
52418 00529828344
52518 00459358088
52618 00497166562
52718 00556988592
52818 00527060812
52918 00387370007
53018 0035594613
53118 00448772422
6118 00447739834
6218 00452383897
6318 0034281703
6418 00297235894
6518 00382098217
6618 00346626064
6718 00340175421
6818 0028733017
6918 0043312389
61018 00381714142
61118 00396925546
61218 00367721021
61318 00445420355
61418 00311875884
61518 00357396393
61618 00316141751
61718 00281284949
61818 00291547483
61918 00323326763
62018 00320830992
62118 00249754746
62218 00433141291
62318 00353808148
62418 00537738605
62518 00379488576
62618 00291877516
62718 0022169197
62818 00261648894
62918 00266801533
63018 00287091594
7118 00297440664
7218 00288775591
7318 00225287312
7418 00286920684
7518 00351774133
7618 00350636458
7718 00159005318
7818 00245638488
7918 00259271234
71018 00262819255
71118 00337518458
71218 00239792594
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 3 4059989007 21 21
10000 - 100000 115 27920455571 147 168
1000 - 10000 1857 47829664968 251 420
100 - 1000 14199 38479936713 202 622
10 - 100 134694 47043087453 247 869
10-10 585866 16378291621 86 955
01 - 1 1971924 6613595738 35 990
001 - 01 4667132 1644668550 09 999
0001 - 001 5968069 258169639 01 1000
0 - 0001 12806108 27379675 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 3 4059989007 21 21 213 (213)
9 10000 - 100000 115 27920455571 147 168 1468 (1681)
8 1000 - 10000 1857 47829664968 251 420 2514 (4195)
7 100 - 1000 14199 38479936713 202 622 2023 (6217)
6 10 - 100 134694 47043087453 247 869 2473 (869)
5 10-10 585866 16378291621 86 955 861 (9551)
4 01 - 1 1971924 6613595738 35 990 348 (9899)
3 001 - 01 4667132 1644668550 09 999 086 (9985)
2 0001 - 001 5968069 258169639 01 1000 014 (9999)
1 0 - 0001 12806108 27379675 00 1000 001 (100)
Balance Addresses Addresses (Total) Coins $USD Coins (Total)
10 [100000 - 1000000) 3 0 (0) 379653 BTC 4059989007 213 (213)
9 [10000 - 100000) 115 0 (0) 2610868 BTC 27920455571 1468 (1681)
8 [1000 - 10000) 1857 001 (001) 4472596 BTC 47829664968 2514 (4195)
7 [100 - 1000) 14199 005 (006) 3598295 BTC 38479936713 2023 (6217)
6 [10 - 100) 134694 052 (058) 4399043 BTC 47043087453 2473 (869)
5 [1 - 10) 585866 224 (282) 1531549 BTC 16378291621 861 (9551)
4 [01 - 1) 1971924 754 (1036) 618443 BTC 6613595738 348 (9899)
3 [001 - 01) 4667132 1785 (2821) 153794 BTC 1644668550 086 (9985)
2 [0001 - 001) 5968069 2282 (5103) 24142 BTC 258169639 014 (9999)
1 (0 - 0001) 12806108 4897 (100) 2560 BTC 27379675 001 (100)
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 5 2218916942 33 33
10000 - 100000 101 8711437680 128 160
1000 - 10000 1772 17033928871 250 410
100 - 1000 14624 14338235582 210 620
10 - 100 134783 17095952090 251 871
10-10 577555 5881026979 86 957
01 - 1 1862119 2299202599 34 991
001 - 01 4256030 543244472 08 999
0001 - 001 5272740 83467180 01 1000
0 - 0001 11368643 8868027 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 5 2218916942 33 33 325 (325)
9 10000 - 100000 101 8711437680 128 160 1277 (1602)
8 1000 - 10000 1772 17033928871 250 410 2497 (4099)
7 100 - 1000 14624 14338235582 210 620 2102 (6201)
6 10 - 100 134783 17095952090 251 871 2506 (8708)
5 10-10 577555 5881026979 86 957 862 (957)
4 01 - 1 1862119 2299202599 34 991 337 (9907)
3 001 - 01 4256030 543244472 08 999 08 (9986)
2 0001 - 001 5272740 83467180 01 1000 012 (9999)
1 0 - 0001 11368643 8868027 00 1000 001 (100)
Time
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121317 01187548583
121417 00890321124
121517 0082146209
121617 00509923361
121717 00641549113
121817 00728720295
121917 00657661854
122017 01459305895
122117 00992021922
122217 02182422831
122317 01536158465
122417 02041879503
122517 01512179481
122617 01250602943
122717 0101010843
122817 01256435796
122917 0096670879
123017 01468821797
123117 01465808461
1118 0133562166
1218 01237281734
1318 00996842055
1418 00758183564
1518 00824125054
1618 00733043118
1718 00748050005
1818 01257581552
1918 01027060373
11018 01091505457
11118 01793997683
11318 00980233122
11418 00670047621
11518 00705465096
11618 00996086016
11718 01146104509
11818 01139866016
11918 01128178046
12018 00794280936
12118 01026508308
12218 00990801209
12318 00961573406
12418 00849160439
12518 00735197513
12618 00688645188
12718 00780525203
12818 00647386449
12918 00656572523
13018 00694067312
13118 00831160465
2118 00748791917
2218 00824894164
2318 00837097098
2418 00870495552
2518 0115292099
2618 0124447168
2718 01031600061
2818 00921954112
2918 00743837365
21018 00872332704
21118 00882768674
21218 00746061878
21318 00869579704
21418 00754725721
21518 00846794901
21618 00889518313
21718 00627979535
21818 0066697436
21918 00621835218
22018 00638607864
22118 00683697851
22218 00722371945
22318 0080014597
22418 00813623941
22518 00826552705
22618 00689809559
22718 00698639545
22818 00618742592
3118 00583329185
3218 00725413541
3318 00420584268
3418 004413967
3518 00293976833
3618 00406413604
3718 00540783928
3818 00634293233
3918 00715150782
31018 00552959675
31118 00677259641
31218 00509060517
31318 00507645369
31418 0054966153
31518 00453039063
31618 00436721107
31718 00478099735
31818 00837844055
31918 00762699486
32018 00613304797
32118 00598011169
32218 0059189035
32318 00507021722
32418 00578028455
32518 00671668161
32618 00606252354
32718 00553357738
32818 00422126971
32918 00409532933
33018 00669448666
33118 00645559312
4118 00556418111
4218 00377861832
4318 00408145767
4418 00458372437
4518 00547584429
4618 00411866879
4718 00476427048
4818 0034775803
4918 00399706205
41018 00358796876
41118 00316013811
41218 00446811614
41318 00441568449
41418 00470789159
41518 00462040234
41618 00421743532
41718 00369628378
41818 00377010977
41918 00303816771
42018 00323607969
42118 00628417606
42218 00540622016
42318 00398853339
42418 00346391988
42518 00417341418
42618 0035421657
42718 00347479339
42818 00411607492
42918 00427536221
43018 0037348017
5118 00377392734
5218 00360193034
5318 0028729561
5418 00346394252
5518 00399765994
5618 00460755715
5718 00361191714
5818 00331165283
5918 00280462336
51018 00274529413
51118 00318511213
51218 004124476
51318 00356115529
51418 00352361982
51518 0040888366
51618 00391293993
51718 00373369702
51818 00349872475
51918 0036977203
52018 00391918032
52118 00353758262
52218 00338199422
52318 00482954201
52418 00529828344
52518 00459358088
52618 00497166562
52718 00556988592
52818 00527060812
52918 00387370007
53018 0035594613
53118 00448772422
6118 00447739834
6218 00452383897
6318 0034281703
6418 00297235894
6518 00382098217
6618 00346626064
6718 00340175421
6818 0028733017
6918 0043312389
61018 00381714142
61118 00396925546
61218 00367721021
61318 00445420355
61418 00311875884
61518 00357396393
61618 00316141751
61718 00281284949
61818 00291547483
61918 00323326763
62018 00320830992
62118 00249754746
62218 00433141291
62318 00353808148
62418 00537738605
62518 00379488576
62618 00291877516
62718 0022169197
62818 00261648894
62918 00266801533
63018 00287091594
7118 00297440664
7218 00288775591
7318 00225287312
7418 00286920684
7518 00351774133
7618 00350636458
7718 00159005318
7818 00245638488
7918 00259271234
71018 00262819255
71118 00337518458
71218 00239792594
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 3 4059989007 21 21
10000 - 100000 115 27920455571 147 168
1000 - 10000 1857 47829664968 251 420
100 - 1000 14199 38479936713 202 622
10 - 100 134694 47043087453 247 869
10-10 585866 16378291621 86 955
01 - 1 1971924 6613595738 35 990
001 - 01 4667132 1644668550 09 999
0001 - 001 5968069 258169639 01 1000
0 - 0001 12806108 27379675 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 3 4059989007 21 21 213 (213)
9 10000 - 100000 115 27920455571 147 168 1468 (1681)
8 1000 - 10000 1857 47829664968 251 420 2514 (4195)
7 100 - 1000 14199 38479936713 202 622 2023 (6217)
6 10 - 100 134694 47043087453 247 869 2473 (869)
5 10-10 585866 16378291621 86 955 861 (9551)
4 01 - 1 1971924 6613595738 35 990 348 (9899)
3 001 - 01 4667132 1644668550 09 999 086 (9985)
2 0001 - 001 5968069 258169639 01 1000 014 (9999)
1 0 - 0001 12806108 27379675 00 1000 001 (100)
Balance Addresses Addresses (Total) Coins $USD Coins (Total)
10 [100000 - 1000000) 3 0 (0) 379653 BTC 4059989007 213 (213)
9 [10000 - 100000) 115 0 (0) 2610868 BTC 27920455571 1468 (1681)
8 [1000 - 10000) 1857 001 (001) 4472596 BTC 47829664968 2514 (4195)
7 [100 - 1000) 14199 005 (006) 3598295 BTC 38479936713 2023 (6217)
6 [10 - 100) 134694 052 (058) 4399043 BTC 47043087453 2473 (869)
5 [1 - 10) 585866 224 (282) 1531549 BTC 16378291621 861 (9551)
4 [01 - 1) 1971924 754 (1036) 618443 BTC 6613595738 348 (9899)
3 [001 - 01) 4667132 1785 (2821) 153794 BTC 1644668550 086 (9985)
2 [0001 - 001) 5968069 2282 (5103) 24142 BTC 258169639 014 (9999)
1 (0 - 0001) 12806108 4897 (100) 2560 BTC 27379675 001 (100)
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 5 2218916942 33 33
10000 - 100000 101 8711437680 128 160
1000 - 10000 1772 17033928871 250 410
100 - 1000 14624 14338235582 210 620
10 - 100 134783 17095952090 251 871
10-10 577555 5881026979 86 957
01 - 1 1862119 2299202599 34 991
001 - 01 4256030 543244472 08 999
0001 - 001 5272740 83467180 01 1000
0 - 0001 11368643 8868027 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 5 2218916942 33 33 325 (325)
9 10000 - 100000 101 8711437680 128 160 1277 (1602)
8 1000 - 10000 1772 17033928871 250 410 2497 (4099)
7 100 - 1000 14624 14338235582 210 620 2102 (6201)
6 10 - 100 134783 17095952090 251 871 2506 (8708)
5 10-10 577555 5881026979 86 957 862 (957)
4 01 - 1 1862119 2299202599 34 991 337 (9907)
3 001 - 01 4256030 543244472 08 999 08 (9986)
2 0001 - 001 5272740 83467180 01 1000 012 (9999)
1 0 - 0001 11368643 8868027 00 1000 001 (100)
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x Others bitFlyer Bithumb Gemini Itbit
1915 1655 1513 1280 1037 702 694 638 324 242
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 280M 1915 Coinbase 280M 1915
Bitfinex 242M 1655 Bitfinex 242M 1655
Kraken 221M 1513 Kraken 221M 1513
Bitstamp 187M 1280 Bitstamp 187M 1280
Bit-X 152M 1037 Bit-X 152M 1037
Others 103M 702 Others 103M 702
bitFlyer 102M 694 bitFlyer 102M 694
Bithumb 934K 638 Bithumb 934K 638
Gemini 475K 324 Gemini 475K 324
Itbit 345K 242 Itbit 345K 242
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x Others bitFlyer Bithumb Gemini Itbit
1915 1655 1513 1280 1037 702 694 638 324 242
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 280M 1915 Coinbase 280M 1915
Bitfinex 242M 1655 Bitfinex 242M 1655
Kraken 221M 1513 Kraken 221M 1513
Bitstamp 187M 1280 Bitstamp 187M 1280
Bit-X 152M 1037 Bit-X 152M 1037
Others 103M 702 Others 103M 702
bitFlyer 102M 694 bitFlyer 102M 694
Bithumb 934K 638 Bithumb 934K 638
Gemini 475K 324 Gemini 475K 324
Itbit 345K 242 Itbit 345K 242
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Investment Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currencies
1 SampP 500 TR (1989) SampP 500 - -028 001 -004 059 032 029
2 BBgBarc US Agg Bond TR USD US Bonds -028 - 003 026 012 -017 009
3 MVIS CryptoCompare Bitcoin PR USD Bitcoin 001 003 - 003 004 -005 -001
4 SampP GSCI Gold Spot Gold -004 026 003 - 007 009 031
5 MSCI US REIT PR USD US Real Estate 059 012 004 007 - 012 027
6 Oil Price Brent Crude PR Oil 032 -017 -005 009 012 - 026
7 BBgBarc EM Local Currency Govt TR USD Emerging Market Currencies 029 010 -001 031 027 023 -
Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currencies
SampP 500 - -028 001 033 063 -004 029
US Bonds -028 - 003 -020 011 027 009
Bitcoin 001 003 - -005 004 003 -001
Gold 033 -020 -005 - 016 011 027
US Real Estate 063 011 004 016 - 007 029
Oil -004 027 003 011 007 - 031
Emerging Market Currencies 029 009 -001 027 029 031 -
1 Month 3 Months YTD 1 Year 3 Years 5 Years
MVIS CryptoCompare Bitcoin PR USD Bitcoin -1083 8640 15839 2892 16730 8232
SampP 500 TR (1989) SampP 500 144 169 2024 799 1336 1134
BBgBarc US Agg Bond TR USD US Bonds 022 328 635 808 217 305
DJ Cmmdty Gold PR USD Gold 170 1183 1221 1655 193 231
MSCI ACWI PR USD ACWI 017 -009 1507 087 801 439
Date 60-40 Blend 60-40 Blend w 50 BPS 60-40 Blend w 100 BPS 60-40 Blend w 300 BPS SampP 500 Bloomberg Barclays US Agg Return Std Dev Alpha Beta R2 Sharpe Ratio (arith) Up Capture Ratio Down Capture Ratio
January-12 0 0 0 0 0 0 60eqty-40bond 947 668 095 059 9717 132 6334 5623
February-12 1 1 1 2 3 -0 60eqty-40bond 05 crypto 1044 685 172 060 9520 143 6713 5603
February-12 1 1 1 1 2 -0 60eqty-40bond 1 crypto 1140 716 250 061 8989 150 7087 5583
February-12 2 2 2 1 4 -0 60eqty-40bond 3 crypto 1523 939 559 065 5882 155 8550 5509
February-12 2 2 2 2 4 -0 SampP 500 TR (1989) 1392 1117 000 100 10000 119 10000 10000
March-12 3 3 3 2 5 0 BBgBarc US Agg Bond TR USD 268 285 238 -003 114 071 789 -862
March-12 3 3 3 2 5 -0 SampP 500 TR (1989) 1392 1117 000 100 10000 119 10000 10000 Cumulative Return Annualized Return Volatility Beta
March-12 4 4 4 4 7 -1 SampP 500 16569 1392 1117 100
March-12 4 4 4 3 7 -1 Bloomberg Barclays US Agg 2191 268 285 -003
March-12 4 4 4 4 8 -1 60-40 Blend 9715 947 668 059
April-12 4 4 4 4 7 -0 60-40 Blend w 50 BPS 11056 1044 685 060
April-12 3 3 3 3 5 0 60-40 Blend w 100 BPS 12471 1140 716 061
April-12 3 3 3 3 6 0 60-40 Blend w 300 BPS 18949 1523 939 065
April-12 5 5 5 4 7 0
May-12 3 3 3 3 5 1
May-12 3 3 3 2 4 1
May-12 0 0 0 -0 -1 1
May-12 1 1 1 1 1 1 Capital Markets
June-12 -0 -0 -0 -0 -2 2
June-12 2 2 2 2 2 1 Function entity Stocks bonds etc Bitcoin and other digital assets
June-12 3 3 3 3 3 1 Custodians
June-12 2 2 2 3 3 1 Prime brokers
June-12 4 4 4 4 5 1 Clearing entities
July-12 3 4 4 4 4 2 Settlement entities
July-12 4 4 4 5 4 2 Transfer agents
July-12 4 5 5 6 5 3
July-12 5 5 6 7 7 3
August-12 5 6 6 8 7 3
August-12 6 7 7 9 8 3
August-12 7 7 7 9 9 2
August-12 6 7 7 9 9 2
September-12 6 7 7 9 9 3
September-12 8 8 9 10 11 3
September-12 9 9 10 12 13 2
September-12 9 9 10 12 13 3
September-12 8 9 9 11 11 3
October-12 9 10 10 12 13 3
October-12 8 8 9 10 11 3
October-12 8 8 9 11 11 3
October-12 7 7 8 9 9 3
November-12 7 7 8 9 10 3
November-12 6 6 7 8 7 3
November-12 5 5 6 8 6 3
November-12 7 7 8 10 9 3
December-12 7 8 8 10 10 3
December-12 8 8 9 11 10 3
December-12 7 8 8 11 10 3
December-12 8 9 9 11 11 3
December-12 7 8 8 10 9 3
January-13 10 10 11 13 14 3
January-13 10 11 11 13 15 3
January-13 11 11 12 14 16 3
January-13 11 12 13 16 17 3
February-13 12 12 13 16 18 3
February-13 12 13 14 17 18 3
February-13 12 13 14 18 19 3
February-13 12 13 14 19 18 3
March-13 12 14 15 20 19 3
March-13 14 15 16 22 21 3
March-13 14 16 17 23 22 3
March-13 14 16 18 25 22 3
March-13 15 17 19 28 23 3
April-13 14 17 19 30 22 4
April-13 16 18 20 30 24 4
April-13 15 17 19 30 22 4
April-13 16 18 21 31 24 4
May-13 17 20 22 32 27 4
May-13 18 20 23 33 28 4
May-13 19 22 24 35 31 3
May-13 18 21 24 34 30 3
June-13 17 20 22 33 28 2
June-13 18 20 23 33 29 2
June-13 17 20 22 32 28 2
June-13 15 17 20 29 25 0
June-13 16 18 20 30 26 1
July-13 16 18 21 30 28 -0
July-13 19 21 24 33 32 1
July-13 20 22 24 34 33 1
July-13 20 22 24 34 33 1
August-13 20 23 25 35 35 1
August-13 20 22 25 35 33 1
August-13 18 20 23 33 31 -0
August-13 18 21 23 33 31 -0
August-13 17 20 22 33 29 0
September-13 18 20 23 33 31 -0
September-13 19 22 24 35 33 -0
September-13 21 23 26 37 35 1
September-13 20 23 25 37 34 1
October-13 20 23 25 36 34 1
October-13 21 23 26 37 35 1
October-13 23 25 28 41 38 2
October-13 23 26 29 42 39 2
November-13 23 26 29 42 40 2
November-13 24 27 31 46 40 1
November-13 25 29 33 49 43 2
November-13 25 30 35 57 43 2
November-13 25 31 38 65 43 2
December-13 25 31 37 62 43 1
December-13 24 30 36 62 41 1
December-13 26 32 37 63 45 2
December-13 27 32 38 64 46 1
January-14 26 32 38 65 46 1
January-14 27 33 39 66 47 2
January-14 27 33 39 66 46 2
January-14 25 31 37 64 42 2
February-14 25 31 37 63 42 3
February-14 26 32 37 63 43 3
February-14 28 33 39 64 47 3
February-14 28 33 39 63 46 3
March-14 29 35 41 66 48 3
March-14 29 35 41 67 50 3
March-14 28 34 40 66 47 3
March-14 29 35 41 66 49 3
March-14 29 34 40 65 48 3
April-14 29 35 41 66 49 3
April-14 27 33 39 63 45 4
April-14 29 35 41 66 49 3
April-14 29 35 41 66 49 4
May-14 30 36 42 67 51 4
May-14 30 36 42 67 50 4
May-14 31 36 42 67 51 5
May-14 32 37 44 69 52 5
May-14 33 39 45 72 54 5
June-14 34 40 46 73 56 5
June-14 33 39 45 72 55 5
June-14 34 40 47 74 58 5
June-14 34 41 47 74 58 5
July-14 35 41 48 75 60 5
July-14 35 41 47 75 58 5
July-14 35 41 48 75 59 5
July-14 35 42 48 75 59 5
August-14 33 39 45 72 55 5
August-14 34 40 46 73 55 5
August-14 35 41 47 74 57 6
August-14 36 42 48 75 60 6
August-14 37 43 49 76 62 6
September-14 37 43 49 76 62 6
September-14 36 42 48 75 60 5
September-14 37 43 49 75 62 5
September-14 36 42 48 74 60 5
October-14 36 41 47 73 59 6
October-14 33 39 45 70 54 6
October-14 33 39 45 70 52 7
October-14 36 42 48 73 59 7
November-14 38 44 50 75 63 6
November-14 39 45 51 77 64 6
November-14 39 45 51 78 65 6
November-14 40 46 52 79 67 7
November-14 41 47 53 80 68 7
December-14 41 47 53 80 68 7
December-14 38 44 50 76 62 7
December-14 41 47 53 79 68 7
December-14 41 47 54 80 69 7
January-15 41 46 52 78 67 8
January-15 40 46 52 78 66 8
January-15 40 45 51 75 64 9
January-15 41 47 53 78 67 9
January-15 39 45 51 75 62 10
February-15 41 47 53 78 67 8
February-15 43 49 55 81 71 8
February-15 43 49 55 81 72 8
February-15 43 49 55 81 71 8
March-15 42 47 54 79 69 7
March-15 41 47 53 79 67 8
March-15 44 50 56 82 72 9
March-15 42 48 54 79 68 9
April-15 43 48 54 80 69 9
April-15 44 50 56 81 72 9
April-15 43 49 55 80 70 10
April-15 45 50 56 82 73 9
May-15 44 50 56 81 72 8
May-15 44 50 56 82 73 8
May-15 44 50 56 82 74 8
May-15 44 50 56 82 74 8
May-15 44 50 56 81 73 8
June-15 43 48 54 80 71 7
June-15 43 49 55 80 72 7
June-15 44 50 56 81 73 7
June-15 43 49 55 80 72 6
July-15 42 48 54 80 70 7
July-15 42 48 54 80 70 7
July-15 44 50 57 83 75 7
July-15 43 49 55 81 71 8
August-15 44 50 56 82 73 8
August-15 43 49 55 81 71 8
August-15 43 49 55 81 72 8
August-15 39 44 50 75 62 8
August-15 39 45 51 76 64 8
September-15 37 42 48 72 58 8
September-15 38 44 50 75 62 8
September-15 38 44 50 75 61 8
September-15 37 43 48 73 59 8
October-15 38 44 50 75 61 9
October-15 41 47 53 78 66 9
October-15 42 48 54 80 68 9
October-15 44 50 56 82 71 9
October-15 44 50 56 83 72 8
November-15 44 50 57 85 73 8
November-15 41 47 53 80 67 8
November-15 44 50 57 84 73 8
November-15 44 50 57 84 73 8
December-15 44 51 57 85 73 8
December-15 41 48 54 82 67 9
December-15 41 47 54 82 66 8
December-15 43 49 56 84 71 8
January-16 42 49 55 83 69 8
January-16 38 44 50 78 59 9
January-16 36 42 48 75 56 9
January-16 37 43 49 76 58 9
January-16 39 45 51 78 61 9
February-16 36 42 49 75 56 10
February-16 36 42 48 75 55 10
February-16 38 45 51 78 60 10
February-16 40 46 52 80 62 10
March-16 42 48 55 82 66 10
March-16 43 49 56 84 68 10
March-16 44 51 57 86 71 10
March-16 44 50 57 85 70 10
April-16 46 52 59 88 73 11
April-16 45 51 58 87 71 11
April-16 46 53 60 89 74 12
April-16 47 53 60 89 75 11
April-16 46 52 59 88 72 12
May-16 46 52 59 88 72 12
May-16 45 52 59 88 71 12
May-16 45 52 59 87 72 11
May-16 47 54 61 91 76 12
June-16 48 55 62 92 76 12
June-16 48 55 62 92 75 13
June-16 47 54 61 93 74 13
June-16 46 53 60 90 71 13
July-16 49 56 63 95 76 14
July-16 51 58 65 96 79 14
July-16 51 59 66 98 81 14
July-16 52 59 67 98 82 14
July-16 52 60 67 99 82 14
August-16 53 60 67 98 83 14
August-16 53 60 67 99 84 14
August-16 53 60 67 99 84 14
August-16 52 59 66 98 82 14
September-16 53 60 67 99 83 14
September-16 50 57 65 96 79 14
September-16 51 58 65 96 80 13
September-16 52 59 67 98 82 14
October-16 52 60 67 98 83 14
October-16 52 59 66 97 82 14
October-16 51 58 65 96 80 13
October-16 51 58 66 97 81 14
October-16 50 57 65 97 79 13
November-16 49 56 63 95 76 13
November-16 51 58 66 98 83 12
November-16 51 59 66 98 84 11
November-16 53 60 67 100 87 10
December-16 52 59 67 99 85 10
December-16 55 62 70 103 91 10
December-16 54 62 69 102 91 9
December-16 55 62 70 104 92 10
December-16 54 62 69 104 90 11
January-17 56 63 71 105 93 11
January-17 56 63 71 105 93 11
January-17 56 63 71 105 93 11
January-17 57 64 72 106 95 11
February-17 57 64 72 107 95 11
February-17 58 66 74 109 97 11
February-17 59 67 75 111 100 11
February-17 60 68 77 113 101 12
March-17 61 69 77 114 103 11
March-17 60 68 76 112 102 10
March-17 60 68 76 112 102 11
March-17 59 67 75 111 100 12
April-17 60 68 76 112 101 12
April-17 60 68 76 113 101 12
April-17 59 67 76 112 98 13
April-17 60 68 77 113 100 13
April-17 62 70 78 116 103 12
May-17 62 71 79 117 105 12
May-17 62 71 79 118 104 12
May-17 62 71 80 120 103 13
May-17 63 72 81 121 106 13
June-17 65 74 83 125 108 14
June-17 64 74 83 126 108 13
June-17 65 74 83 125 108 14
June-17 65 74 84 126 109 14
July-17 64 73 82 124 107 13
July-17 64 73 82 124 108 13
July-17 66 75 84 125 111 13
July-17 67 76 86 128 112 14
July-17 66 76 85 128 112 14
August-17 67 76 86 131 112 14
August-17 66 75 85 131 109 14
August-17 65 75 85 130 108 14
August-17 66 76 86 132 110 14
September-17 67 77 88 135 113 15
September-17 67 77 88 134 112 15
September-17 68 78 89 135 115 14
September-17 68 78 89 135 115 14
September-17 69 79 90 137 117 14
October-17 70 80 91 139 119 14
October-17 71 81 92 142 120 15
October-17 71 82 93 143 122 14
October-17 71 82 93 143 122 14
November-17 72 83 94 146 123 14
November-17 72 82 94 144 123 14
November-17 72 83 94 146 122 14
November-17 73 84 96 149 125 14
December-17 75 86 98 153 128 14
December-17 75 87 99 156 129 14
December-17 76 88 102 162 131 15
December-17 76 88 101 159 132 14
December-17 76 88 100 156 131 15
January-18 79 91 104 163 137 14
January-18 80 92 105 164 141 14
January-18 81 93 106 164 143 14
January-18 83 95 108 167 149 14
February-18 78 90 102 159 139 13
February-18 73 84 96 150 127 12
February-18 77 89 101 158 137 12
February-18 78 89 102 158 138 12
March-18 76 87 100 156 133 12
March-18 79 91 104 160 142 12
March-18 78 90 102 157 139 12
March-18 72 83 95 149 125 12
March-18 74 86 97 151 129 13
April-18 73 84 96 149 126 13
April-18 75 86 98 153 131 13
April-18 75 86 99 154 132 12
April-18 75 87 99 154 132 12
May-18 75 86 99 155 132 12
May-18 77 89 101 157 137 12
May-18 77 88 100 156 136 11
May-18 77 89 101 156 137 12
June-18 78 90 102 158 138 13
June-18 80 91 104 160 142 12
June-18 80 91 104 159 142 12
June-18 79 90 102 157 140 12
June-18 78 89 101 156 137 13
July-18 80 91 103 159 141 13
July-18 81 93 105 161 145 13
July-18 81 93 105 162 145 13
July-18 82 94 106 164 146 13
August-18 83 95 107 164 148 13
August-18 83 95 107 163 148 13
August-18 84 95 108 164 149 13
August-18 85 97 109 166 152 14
September-18 86 98 111 168 154 14
September-18 84 96 109 165 152 13
September-18 86 98 110 167 155 13
September-18 86 98 111 168 157 13
September-18 86 98 110 168 156 13
October-18 84 96 109 165 153 12
October-18 80 92 104 159 143 12
October-18 80 91 104 159 143 12
October-18 76 87 99 154 133 12
November-18 78 89 101 156 139 12
November-18 81 92 104 160 144 12
November-18 79 91 103 157 141 12
November-18 75 86 98 150 132 12
December-18 80 92 104 157 143 13
December-18 76 87 98 149 132 14
December-18 75 86 97 147 129 14
December-18 68 78 89 139 113 14
December-18 71 82 93 143 119 14
January-19 73 84 95 146 123 15
January-19 76 87 98 150 129 15
January-19 79 90 101 154 136 15
January-19 79 90 101 154 135 15
February-19 81 92 104 156 139 16
February-19 81 92 104 157 139 16
February-19 84 95 107 161 145 16
February-19 85 96 108 163 147 16
March-19 85 96 108 163 148 16
March-19 83 94 106 160 143 16
March-19 86 98 110 165 150 17
March-19 86 98 110 165 148 18
March-19 88 100 112 167 151 18
April-19 90 102 115 172 156 18
April-19 91 103 115 173 158 18
April-19 91 103 116 173 158 18
April-19 92 104 117 176 161 18
May-19 92 105 118 177 161 18
May-19 90 103 116 175 156 18
May-19 90 102 115 175 154 19
May-19 89 101 114 175 151 19
June-19 86 99 112 173 145 20
June-19 92 105 118 179 156 21
June-19 92 105 119 181 157 21
June-19 95 109 123 187 163 21
June-19 95 109 123 188 162 22
July-19 97 111 125 191 166 21
July-19 98 112 126 192 169 21
July-19 97 110 124 190 165 22
July-19 99 112 126 191 170 22
July-19 97 111 125 189 166 22
Bitcoin vs Gold vs Dollar
Traits of Money Gold Government Issued (US dollar) Crypto (Bitcoin)
Fungible (Interchangeable) High High High
Non-consumable High High High
Portability Moderate High High
Durable High Moderate High
Highly divisible Moderate Moderate High
Secure (cannot be counterfeited) Moderate Moderate High
Easily transactable Low High High
Scarce (predictable supply) Moderate Low High
Sovereign (Government issues) Low High Low
Decentralized Low Low High
Smart (Programmable) Low Low High
Interval SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currency
-1200 to -1150 00 00 00 00 00 00 00
-1150 to -1100 00 00 00 00 00 00 00
-1100 to -1050 00 00 00 00 00 00 00
-1050 to -1000 00 00 00 00 00 00 00
-1000 to -950 00 00 00 00 00 00 00
-950 to -900 00 00 00 00 00 00 00 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currency
-900 to -850 00 00 00 00 00 00 00 lt-15 00 00 64 00 00 00 00
-850 to -800 00 00 00 00 00 00 00 -150 to -100 00 00 59 00 00 18 00
-800 to -750 00 00 00 00 00 00 00 -100 to -50 13 00 97 13 15 82 00
-750 to -700 00 00 00 00 00 00 00 -50 to 00 372 408 195 485 390 408 469
-700 to -650 00 00 00 00 00 00 00 00 to 50 615 592 244 495 592 403 531
-650 to -600 00 00 00 00 00 00 00 50 to 100 00 00 154 08 03 85 00
-600 to -550 00 00 00 00 00 00 00 100 to 150 00 00 67 00 00 05 00
-550 to -500 00 00 00 00 00 00 00 gt15 00 00 121 00 00 00 00
-500 to -450 00 00 00 00 00 00 00
-450 to -400 00 00 05 00 00 00 00
-400 to -350 00 00 00 00 00 00 00
-350 to -300 00 00 08 00 00 00 00 64
-300 to -250 00 00 08 00 00 00 00
-250 to -200 00 00 15 00 00 00 00
-200 to -150 00 00 28 00 00 00 00
-150 to -100 00 00 59 00 00 18 00 1000 1000 815 1000 1000 1000 1000
-100 to -50 13 00 97 13 15 82 00
-50 to 00 372 408 195 485 390 408 469
00 to 50 615 592 244 495 592 403 531
50 to 100 00 00 154 08 03 85 00
100 to 150 00 00 67 00 00 05 00
150 to 200 00 00 31 00 00 00 00 121
200 to 250 00 00 31 00 00 00 00
250 to 300 00 00 13 00 00 00 00
300 to 350 00 00 13 00 00 00 00
350 to 400 00 00 13 00 00 00 00
400 to 450 00 00 10 00 00 00 00
450 to 500 00 00 00 00 00 00 00
500 to 550 00 00 03 00 00 00 00
550 to 600 00 00 00 00 00 00 00
600 to 650 00 00 00 00 00 00 00
650 to 700 00 00 00 00 00 00 00
700 to 750 00 00 03 00 00 00 00
750 to 800 00 00 00 00 00 00 00
800 to 850 00 00 03 00 00 00 00
850 to 900 00 00 00 00 00 00 00
900 to 950 00 00 00 00 00 00 00
950 to 1000 00 00 00 00 00 00 00
1000 to 1050 00 00 00 00 00 00 00
1050 to 1100 00 00 00 00 00 00 00
1100 to 1150 00 00 00 00 00 00 00
1150 to 1200 00 00 03 00 00 00 00
Page 2: The Investment Case for Bitcoin - Lopp · 2020. 5. 13. · — Gold coins are a money: usable on a very limited basis for transactions but not as easily as a currency — Artwork

2

Bitcoin as a Potential Store of Value 3

Bitcoinrsquos Role in an Investment Portfolio 9

Accelerating Bitcoin Adoption 18

Table of Contents

Understanding the differences between monetary and intrinsic value

Bitcoinrsquos combination of durability scarcity privacy and its nature as a bearer asset all contribute to it holding monetary value

Bitcoin is on the path to becoming digital gold

So why donrsquot institutional investors own bitcoin

Bitcoin as a Potential Store of Value

3

Please see important disclosures at the end of this presentation

To determine if Bitcoin has value it is important to start with understanding the two types of value

Intrinsic Value (IV) Value that exists because an economic good produces cash flow or has overt utility equities fixed income real estate and consumable commodities (corn oil etc)

Monetary Value (MV) Value that exists in spite of an economic good not having intrinsic value or value that exists in excess of an economic goodrsquos intrinsic value

Bitcoin and Monetary Theory

4

Precious metals have a tiny amount of intrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

Goods with Intrinsic Value Goods with Monetary Value

Equities Gold

Fixed Income Silver

Real estate Diamonds

Corn Bitcoin

Wheat Artwork

Oil US Dollars

Copper Emeralds rubies other gemstones

Nothing ever ldquobacksrdquo MV MV is inherently a bet that an object will retain value or increase in value in the future Items with MV are items that store value and can be seen as claims on future IV This may make people uncomfortable but it has been true since the dawn of civilization

MV arises because of collective belief Behavioral economics heard behavior etc Humans have long needed a way to store value outside of IV Money is a natural consequence of a productive society

Monetary value neednrsquot relate to any sovereign power historically most objects of monetary value have no relationship to a sovereign power ndash gold gemstones etc

The creation of a new object with monetary value is rare but not unheard of Artwork is a good example Artwork as MV is a phenomenon of the past few centuries Artwork did not have MV in early societies

MV usually arises from special needs or circumstancesmdash Gold acquired MV because it was scarce durable and relatively easy to make into coins bars

etcmdash Bitcoin has MV because it is scarce (which is spectacularly unique in a digital world) durable

has strong privacy characteristics (ie it is pseudonymous) is a bearer asset that can be memorized (making it especially useful in authoritarian regimes)

Monetary Value

5

Precious metals have a tiny amount of instrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

The generation of MV does not require that an object be attached to a payment systemmdash Artwork is not used for payments but its value is entirely MVmdash Gold was used in the past for payments but nowadays only on a very limited basismdash Bitcoin is not a terrific payment system but certainly better than artwork and gold

The more people that come to accept than an object has MV the more likely it is to have MV in the future

Volatility is an inherent consequence of the process of an object acquiring MVmdash When gold first acquired MV there was plenty of disagreement about how many goats you could

get for an ounce of gold

Currency is a sub-type of money Money is a sub-type of items with MVmdash USD is a currency usable for transactions on a regular basismdash Gold coins are a money usable on a very limited basis for transactions but not as easily as a

currencymdash Artwork is an object with MV Not readily usable for transactions but plenty of MV nonethelessmdash Bitcoin is not quite a currency but most certainly is a money however it may become a currency

in the future

Monetary Theory

6

Precious metals have a tiny amount of intrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

Source MVIS Website As of 06302019 Please see important disclosures at the end of this presentation

Traits of Money Gold Government Issued (US dollar) Crypto (Bitcoin)Fungible (Interchangeable) High High HighNon-consumable High High HighPortability Moderate High HighDurable High Moderate HighHighly divisible Moderate Moderate HighSecure (cannot be counterfeited) Moderate Moderate HighEasily transactable Low High HighScarce (predictable supply) Moderate Low HighSovereign (Government issues) Low High LowDecentralized Low Low HighSmart (Programmable) Low Low High

Bitcoin vs Gold vs Dollar

Bitcoin Has the Potential to Become ldquoDigital Goldrdquo

7

Return Distribution

Return Distribution

SampP 500
US Bonds
Bitcoin
Gold
US Real Estate
Oil
Emerging Market Currency
Percent of Periods
Bitcoin Return Distribution

Sheet1

None of the traditional capital markets infrastructure participants handle bitcoin

The difficulty largely has to do with bitcoinrsquos nature as a bearer asset The plumbing to connect bitcoin with capital markets has been limited

Why donrsquot Institutional Investors Have Exposure to Bitcoin

8

Please see important disclosures at the end of this presentation

Capital Markets

Function entity Stocks bonds etc Bitcoin and other digital assetsCustodians Prime brokers Clearing entities Settlement entities Transfer agents

Investment Cumulative Growth

Investment Cumulative Growth

60-40 Blend
60-40 Blend w 50 BPS
60-40 Blend w 100 BPS
60-40 Blend w 300 BPS
SampP 500
Bloomberg Barclays US Agg
Cumulative Return
Assemetric Return Profile212012 - 7312019

If Bitcoin is increasingly used as an asset with monetary value both on-chain and off-chain then how might one think of it as an investment

Several theories exist that point to increasing scarcity and Network Transfer Value as some of the drivers for historical Bitcoin growth

Bitcoin historical performance and how that could fit into an investment portfolio

Bitcoinrsquos Role in an Investment Portfolio

9

Please see important disclosures at the end of this presentation

The stock to flow ratio is defined as the amount of an asset that is held in reserves divided by the amount of that asset produced for a selected time period

The below stock to flow data suggest that bitcoin may have potential to grow based on historical data and scarcity characteristics of bitcoin gold and silver

Stock to Flow Ratio Illustrates Bitcoin Growth Potential

10

Source Medium ldquoModeling Bitcoinrsquos Value with Scarcityrdquo March 22 2019 Please see important disclosures at the end of this presentation

Halving is defined as a 50 block reward cut to bitcoin production rate Halvings are programmed into bitcoin and occur roughly every four years (210000 blocks)

Historically given the increasing scarcity induced by halvings the price of bitcoin has increased following halvings over the course of Bitcoinrsquos lifecycle

The next halving is expected in May 2020

Bitcoin Halving Illustrates Scarcity-Driven Historical Growth

11

Source Morningstar Data as of 7312019 Please see important disclosures at the end of this presentation

10

100

1000

10000

100000

1000000

10000000

Cum

ulat

ive R

etur

n

MVIS CryptoCompare Bitcoin Index212012 - 7312019

2nd halving792016Bitcoin price $65761

1st halving11282012Bitcoin price $1222

Bitcoin has performed well versus major indices Most long term periods such as 3 and 5 year have been historically positive for Bitcoin

Bitcoin Historically Outperforms Traditional Asset Classes

12

Source MVIS Data as of July 31 2019 US Bonds is measured by the Bloomberg Barclays US Aggregate Index Gold is measured by the SampP GSCI Gold Spot Index US Real Estate is measured by the MSCI US REIT Index Oil is measured by the Brent Crude oil spot price Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index See disclaimers and index descriptions at the end of this presentation Past performance is no guarantee of future results

1 Month 3 Months YTD 1 Year 3 Years 5 YearsBitcoin -1083 8640 15839 2892 16730 8232SampP 500 144 169 2024 799 1336 1134US Bonds 022 328 635 808 217 305Gold 170 1183 1221 1655 193 231ACWI 017 -009 1507 087 801 439

10

100

1000

10000

100000

1000000

10000000

Cum

ulat

ive R

etur

n

MVIS CryptoCompare Bitcoin Index212012 - 7312019

Trailing Returns () Most Recen

Very low correlation with traditional asset classes such as broad market equity indices bonds and gold

Potential for increased portfolio diversification

Low Correlation with Traditional Asset Classes

13

Source Morningstar Data as of July 31 2019 US Bonds is measured by the Bloomberg Barclays US Aggregate Index Gold is measured by the SampP GSCI Gold Spot Index US Real Estate is measured by the MSCI US REIT Index Oil is measured by the Brent Crude oil spot price Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index See disclaimers and index descriptions at the end of this presentation

Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market

Currencies

SampP 500 - -028 001 -004 059 032 029US Bonds -028 - 003 026 012 -017 009Bitcoin 001 003 - 003 004 -005 -001Gold -004 026 003 - 007 009 031US Real Estate 059 012 004 007 - 012 027Oil 032 -017 -005 009 012 - 026Emerging Market Currencies 029 010 -001 031 027 023 -

Correlation Matrix

Bitcoin may enhance the risk and return reward profile of institutional investment portfolios A small allocation to bitcoin significantly enhanced the cumulative return of a 60 equity and

40 bonds portfolio allocation mix while only minimally impacting its volatility

A Small Bitcoin Allocation May Improve Portfolio Upside

Source Morningstar Data ss of 07312019 Please see important disclosures at the end of this presentation

14

0

50

100

150

200

250

Cumu

lative

Retu

rn

Assymetric Return Profile212012 - 7312019

60 EQ 40 BD 5975 EQ 3975 BD 05 BTC 595 EQ 395 BD 1 BTC

585 EQ 385 BD 3 BTC SampP 500 Bloomberg Barclays US Agg

Cumulative Return Annualized Return Std Dev BetaSampP 500 16569 1392 1117 100Bloomberg Barclays US Agg 2191 268 285 -00360 EQ 40 BD 9715 947 668 0595975 EQ 3975 BD 05 BTC 11056 1044 685 060595 EQ 395 BD 1 BTC 12471 1140 716 061585 EQ 385 BD 3 BTC 18949 1523 939 065

As the digital asset industry has matured Bitcoin decouples from small caps and drives large-cap index performance

Bitcoin to small cap performance difference has been 139 and the large cap to small cap performance difference has been approximately 40 in the past year as illustrated by the below indices

Bitcoin and Large-Caps Decouple From Small-Caps

15

Source BloombergMVIS Data as of 07152019 Please see important disclosures at the end of this presentation

17701

7823

3849

-50

0

50

100

150

200

250

300

Cumulative Performance

MVIS CryptoCompare Bitcoin Price MVIS CryptoCompare Digital Assets 10 MVIS CryptoCompare Digital Assets 100 Small-Cap

Bitcoin risks to consider include

Hacking of trading platforms and participants in the life cycle of a trade (usually social engineering)

Price volatility

Encryption vulnerability developments in quantum computing (which would increase success of private key hacking credit cards more vulnerable nevertheless)

Noveltyextreme early stage of many applications

Unintentional coding error

Governance shortcomings

Can miners and developers ldquorunrdquo the ldquocorerdquo software (Linux is a good example for successful execution)

Ecosystem design

Will payments continue to sustain processing and verification activities

Bitcoin Market Structure Risks

16

State Regulation

‒ Colorado exempts crypto from state securities regulation

‒ Wyoming recognized crypto as property allows banks to be custodians enables tokenization

Physically Settled Bitcoin Futures receive regulatory approval

Established custodians enter crypto

Established brokerages to offer spot digital asset trading

Pension funds and endowments allocate to digital assets

Global regulators start cracking down on ICOsunregistered offerings Bitcoin is different

ETFs under consideration VanEck-SolidX proposal is at the top of the pile

Heavy Momentum in Crypto Developments

17

Please see important disclosures at the end of this presentation

18

Accelerating Bitcoin Adoption

Bitfinex makes over $400 million1 Top 650 of US companies Binance in the same range

LiquidityhellipBitcoin daily volume over $2 billion2

Bitcoin and crypto became more available to retail investors‒ Swiss Exchange offers crypto trading (no Europe equity exchanges)‒ Robinhood TD and Etrade offer trading in crypto‒ Etoro large crypto broker offers commission-free trading in ETFs‒ Exchange-standard surveillance software implemented by crypto exchanges‒ OTC crypto brokers offer price feed to market through MVIS

CME futures contracts top 25000 BTC open interest $350 million notional3

Crypto exchanges use best practices such as surveillance and accounting software

Exchanges are the target of hackers but can reimburse losses(Binance refunds $40 million in losses from insurance fund)4

Crypto Exchanges are Healthy Not Going Away

19

1 Bitfinex Data as of 5820192 Cryptocompare Data as of 71020193 CME Data as of 62420194 BinancePlease see important disclosures at the end of this presentation

CME Bitcoin Futures Contract Sets New Trading Record

20

Source CME Group Data as of 6242019 Please see important disclosures at the end of this presentation

1523

2405

2873

3356

3822

4560

0

5000

10000

15000

20000

25000

30000

0

1000

2000

3000

4000

5000

6000

of E

quiva

lent B

itcoi

n

of B

TC C

ontra

cts

CME Bitcoin Futures Average Daily Open Interest

Bitcoin Trading is Not Concentrated

21

Source Bitcoinity Data as of June 2019

1 Month 6 Months

Exchange Volume (BTC) Market ShareCoinbase 783K 2240Bitfinex 527K 1507Kraken 524K 1500Bitstamp 416K 1190Bit-X 409K 1168bitFlyer 272K 779Bithumb 234K 669Others 162K 462Gemini 87K 248BitBay 83K 237

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

bitFly er

BithumbOthers Gemini BitBay

Coinbase Bitfinex Kraken Bitstamp Bit-xbitFlyer Bithumb Others Gemini BitBay

Exchange Volume (BTC) Market ShareCoinbase 280M 1915Bitfinex 242M 1655Kraken 221M 1513Bitstamp 187M 1280Bit-X 152M 1037Others 103M 702bitFlyer 102M 694Bithumb 934K 638Gemini 475K 324Itbit 345K 242

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

Others

bitFly er

BithumbGemini Itbit

Coinbase Bitfinex Kraken Bitstamp Bit-xOthers bitFlyer Bithumb Gemini Itbit

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

Chart1

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

6 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

image15png

image16png

Chart2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

6 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

image15png

image16png

21

147

251

202

247

86

3509 01 00

000

500

1000

1500

2000

2500

3000

BT

C Ow

ned

in V

ario

us W

allet

Ran

ges

100000 - 1000000 10000 - 100000 1000 - 10000 100 - 1000 10 - 100 10-10 01 - 1 001 - 01 0001 - 001 0 - 0001

Caveat Multiple wallets per person Digital asset exchange wallets

represent bitcoin holdings of multiple persons

Bitcoin Ownership Seems Well DistributedNot Concentrated

22

Source Bitcoin Blockchain as of July 2019

Amount BTC Owned

Number of Wallets

Amount USD Owned Total Owned Cumultative

Owned100000 - 1000000 3 4059989007 21 21

10000 - 100000 115 27920455571 147 1681000 - 10000 1857 47829664968 251 420

100 - 1000 14199 38479936713 202 62210 - 100 134694 47043087453 247 869

10-10 585866 16378291621 86 95501 - 1 1971924 6613595738 35 990

001 - 01 4667132 1644668550 09 9990001 - 001 5968069 258169639 01 1000

0 - 0001 12806108 27379675 00 1000

Chart1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Bitcoin Ownership

100000 - 1000000

10000 - 10000032500000000000001E-210000 - 100000

10000 - 1000000127700000000000011000 - 10000

10000 - 100000024970000000000001100 - 1000

10000 - 1000000210210 - 100

02505999999999999910-10

86199999999999999E-201 - 1

33700000000000001E-2001 - 01

80000000000000002E-30001 - 001

11999999999999999E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Sheet1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Pie Chart

Bitcoin Ownership

100000 - 1000000

10000 - 10000032500000000000001E-210000 - 100000

10000 - 1000000127700000000000011000 - 10000

10000 - 100000024970000000000001100 - 1000

10000 - 1000000210210 - 100

02505999999999999910-10

86199999999999999E-201 - 1

33700000000000001E-2001 - 01

80000000000000002E-30001 - 001

11999999999999999E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Sheet1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Pie Chart

A full-node is a computer that downloaded and continuously updates a full copy of the Bitcoin-blockchain(You can host your own full node with as little as 200GBs Itrsquos your own mini bank)

A mining node is a computer that participates in the verification of transactions on the Bitcoin-blockchain

10435 Nodes

Top 10 countries with their respective number of reachable nodes are as follows

Rank Country Nodes

1 United States 2407 (2307)

2 Germany 1849 (1772)

3 na 1046 (1002)

4 France 600 (575)

5 Netherlands 521 (499)

6 China 411 (394)

7 Canada 349 (334)

8 United Kingdom 303 (290)

9 Singapore 286 (274)

10 Russian Federation 268 (257)

Bitcoin Adoption Continues Nodes and Users

23

Source Bitnodesearncom Data as of 7312019 Please see important disclosures at the end of this presentation na represents unknown locations but likely are mining pools

10000 Bitcoin Mining Nodes and 100000 Full Nodes

Bitcoin Adoption Continues On-Chain Transactions

24

1SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services Source Blockchaininfo Data as of 7132019 Please see important disclosures at the end of this presentation

Bitcoin transactions cross 400000 permissionless transactions a day exhibiting significant network value

Bitcoin on-chain transactions amount to a significant portion of SWIFT transactions1

0

100000

200000

300000

400000

500000

Tran

sact

ions

Daily Confirmed Bitcoin Transactions

A number of applications are being built on Bitcoin and there is a natural evolution taking place

Sidechains could be the next step in boosting Bitcoin adoption as they allow for scalability and customizations while retaining Bitcoinrsquos security properties

Built on top of the Bitcoin-blockchain the Lightning Network pushes the boundaries of Bitcoin payment capabilities with lower costs and faster speeds

Taking advantage of Bitcoinrsquos trust-minimized features Microsoft works to build a decentralized identity platform on the Bitcoin-blockchain

Tracking Bitcoin Adoption Off-Chain

25

Please see important disclosures at the end of this presentation

Established code base ndash Sidechains are based on Bitcoin-blockchain architecture

Security ndash Sidechains preserve the most important security properties of the Bitcoin-blockchain

Scalability ndash Sidechain transactions make verification faster (Example The Liquid sidechain supports Lightning enabling scalability up to millions of transactions per second

Privacy ndash Confidential transactions increase privacy for network participants

Customization ndash Possible to apply investor restrictions on sidechains Bitcoin is permissionless

Sidechains Supercharge Bitcoin Capabilities

26

The Lightning Network ndash Is a payment-focused layer 2 application built on top of the Bitcoin-blockchain (almost like a sidechain but different)

Scalability ndash Millions of transactions per second vs Bitcoin (7 txsec) and Visa (45000 txsec)1

Cost ndash Bitcoin transactions to reduce to fraction of a cent instead of dollars

Privacy ndash Retained from Bitcoin network identity only posted when lightning channel closed

Importance ndash Decentralized and trust-minimized transactions to compete with established centralized payment networks such as Visa MasterCard PayPal etchellip

Lightning Network is a Significant Payments Layer on Bitcoin

27

1 Visa Data as of 082017Please see important disclosures at the end of this presentation

What Decentralized online identity platform secure trust-minimized login

Who Microsoft decides to build it on Bitcoin

Where Built on top of the Bitcoin-blockchain(layer 2)

Why Online identity is centralized fragmented and prone to theft

When Launched on testnet in May 20191

Microsoft Secures Online Identity Using Bitcoin

28

1 MicrosoftPlease see important disclosures at the end of this presentation

Ten Most Liquid Digital Assets

Source CryptoCompare Data as of 6302019 Please see important disclosures at the end of this presentation

29

Rank Coin Price Direct Vol24 Hour

Total Vol 24 Hour

Market Cap

1 BitcoinBTC $1080880 $293 B $1198 B $19222 B

2 XRPXRP $04013 $17377 M $164 B $4013 B

3 EthereumETH $28934 $58194 M $508 B $3086 B

4 Bitcoin CashBCH $40207 $14365 M $93655 M $718 B

5 LitecoinLTC $11480 $22212 M $198 B $717 B

6 EOSEOS $5764 $8364 M $220 B $587 B

7 Binance CoinBNB $3377 - $30839 M $477 B

8 TetherUSDT $09875 $5518 M $21568 M $354 B

9 Bitcoin SVBSV $18912 $1349 M $27685 M $338 B

10 CardanoADA $008471 $422 M $22712 M $220 B

All indices are unmanaged and include the reinvestment of all dividends but do not reflect the payment of transactions costs advisory fees or expenses that are typically associated withmanaged accounts or investment funds Indices were selected for illustrative purposes only and are not securities in which investments can be made The returns of actual accountsinvesting in natural resource equities energy equities diversified mining equities gold equities commodities oil industrial metals gold US equities and US bonds strategies are likely todiffer from the performance of each corresponding index In addition the returns of accounts will vary from the performance of the indices for a variety of reasons including timing andindividual account objectives and restrictions Accordingly there can be no assurance that the benefits and riskreturn profile of the indices shown would be similar to those of actualaccounts managed Performance is shown for the stated time period only

The SampPreg 500 Index a float-adjusted market-cap-weighted index of 500 leading US companies from across all market sectors The Bloomberg Barclays US Aggregate Bond TR Index is a broad-based benchmark that measures the investment grade US dollar-denominated fixed-rate taxable bond market The index includes Treasuries government-related and corporate securities MBS (agency fixed-rate and hybrid ARM pass-throughs) ABS and CMBS (agency and non-agency) The Bloomberg Barclays EM Local Currency Government TR Index is a flagship index that measures the performance of local currency Emerging Markets (EM) debt Classification as an EM is rules-based and reviewed annually using World Bank income group International Monetary Fund (IMF) country classification and additional considerations such as market size and investability The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs and represents about 99 of the US REIT universe and securities are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICSreg) It however excludes Mortgage REIT and selected Specialized REITs The SampP GSCI Gold Index Is a sub-index of the SampP GSCI provides investors with reliable and publicly available benchmark tracking the COMEX gold future The index is designed to be tradable readily accessible to market participants and cost efficient to implement The MVIS CryptoCompare Bitcoin Index measures the performance of a digital assets portfolio which invests in Bitcoin The MVIS CryptoCompare Digital Assets 10 Index is a modified market cap-weighted index which tracks the performance of the 10 largest and most liquid digital assets Most demanding size and liquidity screenings are applied to potential index components to ensure investability The MVIS CryptoCompare Digital Assets 100 Small-Cap Index is a market cap-weighted index which tracks the performance of the 50 smallest digital assets in the MVIS CryptoCompare Digital Assets 100 Index

All SampP indices listed are products of SampP Dow Jones Indices LLC andor its affiliates and has been licensed for use by Van Eck Associates Corporation Copyright copy 2018 SampP Dow Jones Indices LLC a division of SampP Global Inc andor its affiliates All rights reserved Redistribution or reproduction in whole or in part are prohibited without written permission of SampP Dow Jones Indices LLC For more information on any of SampP Dow Jones Indices LLCrsquos indices please visit wwwspdjicom SampPreg is a registered trademark of SampP Global and Dow Jonesreg is a registered trademark of Dow Jones Trademark Holdings LLC Neither SampP Dow Jones Indices LLC Dow Jones Trademark Holdings LLC their affiliates nor their third party licensors make any representation or warranty express or implied as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither SampP Dow Jones Indices LLC Dow Jones Trademark Holdings LLC their affiliates nor their third party licensors shall have any liability for any errors omissions or interruptions of any index or the data included therein

Index Definitions

30

The information herein represents the opinion of the author(s) but not necessarily those of VanEck and these opinions maychange at any time and from time to time Non-VanEck proprietary information contained herein has been obtained from sourcesbelieved to be reliable but not guaranteed Not intended to be a forecast of future events a guarantee of future results orinvestment advice Historical performance is not indicative of future results Current data may differ from data quoted Any graphsshown herein are for illustrative purposes only

This is not an offer to buy or sell or a solicitation of any offer to buy or sell any of the securities financial instruments mentionedherein The information presented does not involve the rendering of personalized investment financial legal or tax advice

No part of this material may be reproduced in any form or referred to in any other publication without express written permissionof VanEck

MV Index Solutions (MVISreg) develops monitors and markets the MVIS Indices a focused selection of pure-play and investable indicesdesigned to underlie financial products They cover several asset classes including hard assets and the internal equity markets as well asfixed income markets MVIS is the index business of VanEck a US based investment management firm

All investing is subject to risk including the possible loss of the money you invest As with any investment strategy there is noguarantee that investment objectives will be met and investors may lose money Diversification does not ensure a profit or protectagainst a loss in a declining market Past performance is no guarantee of future results

Important Disclosure

31

  • Slide Number 1
  • Table of Contents
  • Bitcoin as a Potential Store of Value
  • Bitcoin and Monetary Theory
  • Monetary Value
  • Monetary Theory
  • Slide Number 7
  • Why donrsquot Institutional Investors Have Exposure to Bitcoin
  • Bitcoinrsquos Role in an Investment Portfolio
  • Stock to Flow Ratio Illustrates Bitcoin Growth Potential
  • Bitcoin Halving Illustrates Scarcity-Driven Historical Growth
  • Bitcoin Historically Outperforms Traditional Asset Classes
  • Low Correlation with Traditional Asset Classes
  • A Small Bitcoin Allocation May Improve Portfolio Upside
  • Bitcoin and Large-Caps Decouple From Small-Caps
  • Bitcoin Market Structure Risks
  • Heavy Momentum in Crypto Developments
  • Accelerating Bitcoin Adoption
  • Crypto Exchanges are Healthy Not Going Away
  • CME Bitcoin Futures Contract Sets New Trading Record
  • Bitcoin Trading is Not Concentrated
  • Bitcoin Ownership Seems Well DistributedNot Concentrated
  • Bitcoin Adoption Continues Nodes and Users
  • Bitcoin Adoption Continues On-Chain Transactions
  • Tracking Bitcoin Adoption Off-Chain
  • Sidechains Supercharge Bitcoin Capabilities
  • Lightning Network is a Significant Payments Layer on Bitcoin
  • Microsoft Secures Online Identity Using Bitcoin
  • Ten Most Liquid Digital Assets
  • Index Definitions
  • Important Disclosure
Time
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5118 00377392734
5218 00360193034
5318 0028729561
5418 00346394252
5518 00399765994
5618 00460755715
5718 00361191714
5818 00331165283
5918 00280462336
51018 00274529413
51118 00318511213
51218 004124476
51318 00356115529
51418 00352361982
51518 0040888366
51618 00391293993
51718 00373369702
51818 00349872475
51918 0036977203
52018 00391918032
52118 00353758262
52218 00338199422
52318 00482954201
52418 00529828344
52518 00459358088
52618 00497166562
52718 00556988592
52818 00527060812
52918 00387370007
53018 0035594613
53118 00448772422
6118 00447739834
6218 00452383897
6318 0034281703
6418 00297235894
6518 00382098217
6618 00346626064
6718 00340175421
6818 0028733017
6918 0043312389
61018 00381714142
61118 00396925546
61218 00367721021
61318 00445420355
61418 00311875884
61518 00357396393
61618 00316141751
61718 00281284949
61818 00291547483
61918 00323326763
62018 00320830992
62118 00249754746
62218 00433141291
62318 00353808148
62418 00537738605
62518 00379488576
62618 00291877516
62718 0022169197
62818 00261648894
62918 00266801533
63018 00287091594
7118 00297440664
7218 00288775591
7318 00225287312
7418 00286920684
7518 00351774133
7618 00350636458
7718 00159005318
7818 00245638488
7918 00259271234
71018 00262819255
71118 00337518458
71218 00239792594
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 3 4059989007 21 21
10000 - 100000 115 27920455571 147 168
1000 - 10000 1857 47829664968 251 420
100 - 1000 14199 38479936713 202 622
10 - 100 134694 47043087453 247 869
10-10 585866 16378291621 86 955
01 - 1 1971924 6613595738 35 990
001 - 01 4667132 1644668550 09 999
0001 - 001 5968069 258169639 01 1000
0 - 0001 12806108 27379675 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 3 4059989007 21 21 213 (213)
9 10000 - 100000 115 27920455571 147 168 1468 (1681)
8 1000 - 10000 1857 47829664968 251 420 2514 (4195)
7 100 - 1000 14199 38479936713 202 622 2023 (6217)
6 10 - 100 134694 47043087453 247 869 2473 (869)
5 10-10 585866 16378291621 86 955 861 (9551)
4 01 - 1 1971924 6613595738 35 990 348 (9899)
3 001 - 01 4667132 1644668550 09 999 086 (9985)
2 0001 - 001 5968069 258169639 01 1000 014 (9999)
1 0 - 0001 12806108 27379675 00 1000 001 (100)
Balance Addresses Addresses (Total) Coins $USD Coins (Total)
10 [100000 - 1000000) 3 0 (0) 379653 BTC 4059989007 213 (213)
9 [10000 - 100000) 115 0 (0) 2610868 BTC 27920455571 1468 (1681)
8 [1000 - 10000) 1857 001 (001) 4472596 BTC 47829664968 2514 (4195)
7 [100 - 1000) 14199 005 (006) 3598295 BTC 38479936713 2023 (6217)
6 [10 - 100) 134694 052 (058) 4399043 BTC 47043087453 2473 (869)
5 [1 - 10) 585866 224 (282) 1531549 BTC 16378291621 861 (9551)
4 [01 - 1) 1971924 754 (1036) 618443 BTC 6613595738 348 (9899)
3 [001 - 01) 4667132 1785 (2821) 153794 BTC 1644668550 086 (9985)
2 [0001 - 001) 5968069 2282 (5103) 24142 BTC 258169639 014 (9999)
1 (0 - 0001) 12806108 4897 (100) 2560 BTC 27379675 001 (100)
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 5 2218916942 33 33
10000 - 100000 101 8711437680 128 160
1000 - 10000 1772 17033928871 250 410
100 - 1000 14624 14338235582 210 620
10 - 100 134783 17095952090 251 871
10-10 577555 5881026979 86 957
01 - 1 1862119 2299202599 34 991
001 - 01 4256030 543244472 08 999
0001 - 001 5272740 83467180 01 1000
0 - 0001 11368643 8868027 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 5 2218916942 33 33 325 (325)
9 10000 - 100000 101 8711437680 128 160 1277 (1602)
8 1000 - 10000 1772 17033928871 250 410 2497 (4099)
7 100 - 1000 14624 14338235582 210 620 2102 (6201)
6 10 - 100 134783 17095952090 251 871 2506 (8708)
5 10-10 577555 5881026979 86 957 862 (957)
4 01 - 1 1862119 2299202599 34 991 337 (9907)
3 001 - 01 4256030 543244472 08 999 08 (9986)
2 0001 - 001 5272740 83467180 01 1000 012 (9999)
1 0 - 0001 11368643 8868027 00 1000 001 (100)
Time
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62918 00266801533
63018 00287091594
7118 00297440664
7218 00288775591
7318 00225287312
7418 00286920684
7518 00351774133
7618 00350636458
7718 00159005318
7818 00245638488
7918 00259271234
71018 00262819255
71118 00337518458
71218 00239792594
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 3 4059989007 21 21
10000 - 100000 115 27920455571 147 168
1000 - 10000 1857 47829664968 251 420
100 - 1000 14199 38479936713 202 622
10 - 100 134694 47043087453 247 869
10-10 585866 16378291621 86 955
01 - 1 1971924 6613595738 35 990
001 - 01 4667132 1644668550 09 999
0001 - 001 5968069 258169639 01 1000
0 - 0001 12806108 27379675 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 3 4059989007 21 21 213 (213)
9 10000 - 100000 115 27920455571 147 168 1468 (1681)
8 1000 - 10000 1857 47829664968 251 420 2514 (4195)
7 100 - 1000 14199 38479936713 202 622 2023 (6217)
6 10 - 100 134694 47043087453 247 869 2473 (869)
5 10-10 585866 16378291621 86 955 861 (9551)
4 01 - 1 1971924 6613595738 35 990 348 (9899)
3 001 - 01 4667132 1644668550 09 999 086 (9985)
2 0001 - 001 5968069 258169639 01 1000 014 (9999)
1 0 - 0001 12806108 27379675 00 1000 001 (100)
Balance Addresses Addresses (Total) Coins $USD Coins (Total)
10 [100000 - 1000000) 3 0 (0) 379653 BTC 4059989007 213 (213)
9 [10000 - 100000) 115 0 (0) 2610868 BTC 27920455571 1468 (1681)
8 [1000 - 10000) 1857 001 (001) 4472596 BTC 47829664968 2514 (4195)
7 [100 - 1000) 14199 005 (006) 3598295 BTC 38479936713 2023 (6217)
6 [10 - 100) 134694 052 (058) 4399043 BTC 47043087453 2473 (869)
5 [1 - 10) 585866 224 (282) 1531549 BTC 16378291621 861 (9551)
4 [01 - 1) 1971924 754 (1036) 618443 BTC 6613595738 348 (9899)
3 [001 - 01) 4667132 1785 (2821) 153794 BTC 1644668550 086 (9985)
2 [0001 - 001) 5968069 2282 (5103) 24142 BTC 258169639 014 (9999)
1 (0 - 0001) 12806108 4897 (100) 2560 BTC 27379675 001 (100)
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 5 2218916942 33 33
10000 - 100000 101 8711437680 128 160
1000 - 10000 1772 17033928871 250 410
100 - 1000 14624 14338235582 210 620
10 - 100 134783 17095952090 251 871
10-10 577555 5881026979 86 957
01 - 1 1862119 2299202599 34 991
001 - 01 4256030 543244472 08 999
0001 - 001 5272740 83467180 01 1000
0 - 0001 11368643 8868027 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 5 2218916942 33 33 325 (325)
9 10000 - 100000 101 8711437680 128 160 1277 (1602)
8 1000 - 10000 1772 17033928871 250 410 2497 (4099)
7 100 - 1000 14624 14338235582 210 620 2102 (6201)
6 10 - 100 134783 17095952090 251 871 2506 (8708)
5 10-10 577555 5881026979 86 957 862 (957)
4 01 - 1 1862119 2299202599 34 991 337 (9907)
3 001 - 01 4256030 543244472 08 999 08 (9986)
2 0001 - 001 5272740 83467180 01 1000 012 (9999)
1 0 - 0001 11368643 8868027 00 1000 001 (100)
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x Others bitFlyer Bithumb Gemini Itbit
1915 1655 1513 1280 1037 702 694 638 324 242
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 280M 1915 Coinbase 280M 1915
Bitfinex 242M 1655 Bitfinex 242M 1655
Kraken 221M 1513 Kraken 221M 1513
Bitstamp 187M 1280 Bitstamp 187M 1280
Bit-X 152M 1037 Bit-X 152M 1037
Others 103M 702 Others 103M 702
bitFlyer 102M 694 bitFlyer 102M 694
Bithumb 934K 638 Bithumb 934K 638
Gemini 475K 324 Gemini 475K 324
Itbit 345K 242 Itbit 345K 242
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x Others bitFlyer Bithumb Gemini Itbit
1915 1655 1513 1280 1037 702 694 638 324 242
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 280M 1915 Coinbase 280M 1915
Bitfinex 242M 1655 Bitfinex 242M 1655
Kraken 221M 1513 Kraken 221M 1513
Bitstamp 187M 1280 Bitstamp 187M 1280
Bit-X 152M 1037 Bit-X 152M 1037
Others 103M 702 Others 103M 702
bitFlyer 102M 694 bitFlyer 102M 694
Bithumb 934K 638 Bithumb 934K 638
Gemini 475K 324 Gemini 475K 324
Itbit 345K 242 Itbit 345K 242
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Investment Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currencies
1 SampP 500 TR (1989) SampP 500 - -028 001 -004 059 032 029
2 BBgBarc US Agg Bond TR USD US Bonds -028 - 003 026 012 -017 009
3 MVIS CryptoCompare Bitcoin PR USD Bitcoin 001 003 - 003 004 -005 -001
4 SampP GSCI Gold Spot Gold -004 026 003 - 007 009 031
5 MSCI US REIT PR USD US Real Estate 059 012 004 007 - 012 027
6 Oil Price Brent Crude PR Oil 032 -017 -005 009 012 - 026
7 BBgBarc EM Local Currency Govt TR USD Emerging Market Currencies 029 010 -001 031 027 023 -
Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currencies
SampP 500 - -028 001 033 063 -004 029
US Bonds -028 - 003 -020 011 027 009
Bitcoin 001 003 - -005 004 003 -001
Gold 033 -020 -005 - 016 011 027
US Real Estate 063 011 004 016 - 007 029
Oil -004 027 003 011 007 - 031
Emerging Market Currencies 029 009 -001 027 029 031 -
1 Month 3 Months YTD 1 Year 3 Years 5 Years
MVIS CryptoCompare Bitcoin PR USD Bitcoin -1083 8640 15839 2892 16730 8232
SampP 500 TR (1989) SampP 500 144 169 2024 799 1336 1134
BBgBarc US Agg Bond TR USD US Bonds 022 328 635 808 217 305
DJ Cmmdty Gold PR USD Gold 170 1183 1221 1655 193 231
MSCI ACWI PR USD ACWI 017 -009 1507 087 801 439
Date 60-40 Blend 60-40 Blend w 50 BPS 60-40 Blend w 100 BPS 60-40 Blend w 300 BPS SampP 500 Bloomberg Barclays US Agg Return Std Dev Alpha Beta R2 Sharpe Ratio (arith) Up Capture Ratio Down Capture Ratio
January-12 0 0 0 0 0 0 60eqty-40bond 947 668 095 059 9717 132 6334 5623
February-12 1 1 1 2 3 -0 60eqty-40bond 05 crypto 1044 685 172 060 9520 143 6713 5603
February-12 1 1 1 1 2 -0 60eqty-40bond 1 crypto 1140 716 250 061 8989 150 7087 5583
February-12 2 2 2 1 4 -0 60eqty-40bond 3 crypto 1523 939 559 065 5882 155 8550 5509
February-12 2 2 2 2 4 -0 SampP 500 TR (1989) 1392 1117 000 100 10000 119 10000 10000
March-12 3 3 3 2 5 0 BBgBarc US Agg Bond TR USD 268 285 238 -003 114 071 789 -862
March-12 3 3 3 2 5 -0 SampP 500 TR (1989) 1392 1117 000 100 10000 119 10000 10000 Cumulative Return Annualized Return Volatility Beta
March-12 4 4 4 4 7 -1 SampP 500 16569 1392 1117 100
March-12 4 4 4 3 7 -1 Bloomberg Barclays US Agg 2191 268 285 -003
March-12 4 4 4 4 8 -1 60-40 Blend 9715 947 668 059
April-12 4 4 4 4 7 -0 60-40 Blend w 50 BPS 11056 1044 685 060
April-12 3 3 3 3 5 0 60-40 Blend w 100 BPS 12471 1140 716 061
April-12 3 3 3 3 6 0 60-40 Blend w 300 BPS 18949 1523 939 065
April-12 5 5 5 4 7 0
May-12 3 3 3 3 5 1
May-12 3 3 3 2 4 1
May-12 0 0 0 -0 -1 1
May-12 1 1 1 1 1 1 Capital Markets
June-12 -0 -0 -0 -0 -2 2
June-12 2 2 2 2 2 1 Function entity Stocks bonds etc Bitcoin and other digital assets
June-12 3 3 3 3 3 1 Custodians
June-12 2 2 2 3 3 1 Prime brokers
June-12 4 4 4 4 5 1 Clearing entities
July-12 3 4 4 4 4 2 Settlement entities
July-12 4 4 4 5 4 2 Transfer agents
July-12 4 5 5 6 5 3
July-12 5 5 6 7 7 3
August-12 5 6 6 8 7 3
August-12 6 7 7 9 8 3
August-12 7 7 7 9 9 2
August-12 6 7 7 9 9 2
September-12 6 7 7 9 9 3
September-12 8 8 9 10 11 3
September-12 9 9 10 12 13 2
September-12 9 9 10 12 13 3
September-12 8 9 9 11 11 3
October-12 9 10 10 12 13 3
October-12 8 8 9 10 11 3
October-12 8 8 9 11 11 3
October-12 7 7 8 9 9 3
November-12 7 7 8 9 10 3
November-12 6 6 7 8 7 3
November-12 5 5 6 8 6 3
November-12 7 7 8 10 9 3
December-12 7 8 8 10 10 3
December-12 8 8 9 11 10 3
December-12 7 8 8 11 10 3
December-12 8 9 9 11 11 3
December-12 7 8 8 10 9 3
January-13 10 10 11 13 14 3
January-13 10 11 11 13 15 3
January-13 11 11 12 14 16 3
January-13 11 12 13 16 17 3
February-13 12 12 13 16 18 3
February-13 12 13 14 17 18 3
February-13 12 13 14 18 19 3
February-13 12 13 14 19 18 3
March-13 12 14 15 20 19 3
March-13 14 15 16 22 21 3
March-13 14 16 17 23 22 3
March-13 14 16 18 25 22 3
March-13 15 17 19 28 23 3
April-13 14 17 19 30 22 4
April-13 16 18 20 30 24 4
April-13 15 17 19 30 22 4
April-13 16 18 21 31 24 4
May-13 17 20 22 32 27 4
May-13 18 20 23 33 28 4
May-13 19 22 24 35 31 3
May-13 18 21 24 34 30 3
June-13 17 20 22 33 28 2
June-13 18 20 23 33 29 2
June-13 17 20 22 32 28 2
June-13 15 17 20 29 25 0
June-13 16 18 20 30 26 1
July-13 16 18 21 30 28 -0
July-13 19 21 24 33 32 1
July-13 20 22 24 34 33 1
July-13 20 22 24 34 33 1
August-13 20 23 25 35 35 1
August-13 20 22 25 35 33 1
August-13 18 20 23 33 31 -0
August-13 18 21 23 33 31 -0
August-13 17 20 22 33 29 0
September-13 18 20 23 33 31 -0
September-13 19 22 24 35 33 -0
September-13 21 23 26 37 35 1
September-13 20 23 25 37 34 1
October-13 20 23 25 36 34 1
October-13 21 23 26 37 35 1
October-13 23 25 28 41 38 2
October-13 23 26 29 42 39 2
November-13 23 26 29 42 40 2
November-13 24 27 31 46 40 1
November-13 25 29 33 49 43 2
November-13 25 30 35 57 43 2
November-13 25 31 38 65 43 2
December-13 25 31 37 62 43 1
December-13 24 30 36 62 41 1
December-13 26 32 37 63 45 2
December-13 27 32 38 64 46 1
January-14 26 32 38 65 46 1
January-14 27 33 39 66 47 2
January-14 27 33 39 66 46 2
January-14 25 31 37 64 42 2
February-14 25 31 37 63 42 3
February-14 26 32 37 63 43 3
February-14 28 33 39 64 47 3
February-14 28 33 39 63 46 3
March-14 29 35 41 66 48 3
March-14 29 35 41 67 50 3
March-14 28 34 40 66 47 3
March-14 29 35 41 66 49 3
March-14 29 34 40 65 48 3
April-14 29 35 41 66 49 3
April-14 27 33 39 63 45 4
April-14 29 35 41 66 49 3
April-14 29 35 41 66 49 4
May-14 30 36 42 67 51 4
May-14 30 36 42 67 50 4
May-14 31 36 42 67 51 5
May-14 32 37 44 69 52 5
May-14 33 39 45 72 54 5
June-14 34 40 46 73 56 5
June-14 33 39 45 72 55 5
June-14 34 40 47 74 58 5
June-14 34 41 47 74 58 5
July-14 35 41 48 75 60 5
July-14 35 41 47 75 58 5
July-14 35 41 48 75 59 5
July-14 35 42 48 75 59 5
August-14 33 39 45 72 55 5
August-14 34 40 46 73 55 5
August-14 35 41 47 74 57 6
August-14 36 42 48 75 60 6
August-14 37 43 49 76 62 6
September-14 37 43 49 76 62 6
September-14 36 42 48 75 60 5
September-14 37 43 49 75 62 5
September-14 36 42 48 74 60 5
October-14 36 41 47 73 59 6
October-14 33 39 45 70 54 6
October-14 33 39 45 70 52 7
October-14 36 42 48 73 59 7
November-14 38 44 50 75 63 6
November-14 39 45 51 77 64 6
November-14 39 45 51 78 65 6
November-14 40 46 52 79 67 7
November-14 41 47 53 80 68 7
December-14 41 47 53 80 68 7
December-14 38 44 50 76 62 7
December-14 41 47 53 79 68 7
December-14 41 47 54 80 69 7
January-15 41 46 52 78 67 8
January-15 40 46 52 78 66 8
January-15 40 45 51 75 64 9
January-15 41 47 53 78 67 9
January-15 39 45 51 75 62 10
February-15 41 47 53 78 67 8
February-15 43 49 55 81 71 8
February-15 43 49 55 81 72 8
February-15 43 49 55 81 71 8
March-15 42 47 54 79 69 7
March-15 41 47 53 79 67 8
March-15 44 50 56 82 72 9
March-15 42 48 54 79 68 9
April-15 43 48 54 80 69 9
April-15 44 50 56 81 72 9
April-15 43 49 55 80 70 10
April-15 45 50 56 82 73 9
May-15 44 50 56 81 72 8
May-15 44 50 56 82 73 8
May-15 44 50 56 82 74 8
May-15 44 50 56 82 74 8
May-15 44 50 56 81 73 8
June-15 43 48 54 80 71 7
June-15 43 49 55 80 72 7
June-15 44 50 56 81 73 7
June-15 43 49 55 80 72 6
July-15 42 48 54 80 70 7
July-15 42 48 54 80 70 7
July-15 44 50 57 83 75 7
July-15 43 49 55 81 71 8
August-15 44 50 56 82 73 8
August-15 43 49 55 81 71 8
August-15 43 49 55 81 72 8
August-15 39 44 50 75 62 8
August-15 39 45 51 76 64 8
September-15 37 42 48 72 58 8
September-15 38 44 50 75 62 8
September-15 38 44 50 75 61 8
September-15 37 43 48 73 59 8
October-15 38 44 50 75 61 9
October-15 41 47 53 78 66 9
October-15 42 48 54 80 68 9
October-15 44 50 56 82 71 9
October-15 44 50 56 83 72 8
November-15 44 50 57 85 73 8
November-15 41 47 53 80 67 8
November-15 44 50 57 84 73 8
November-15 44 50 57 84 73 8
December-15 44 51 57 85 73 8
December-15 41 48 54 82 67 9
December-15 41 47 54 82 66 8
December-15 43 49 56 84 71 8
January-16 42 49 55 83 69 8
January-16 38 44 50 78 59 9
January-16 36 42 48 75 56 9
January-16 37 43 49 76 58 9
January-16 39 45 51 78 61 9
February-16 36 42 49 75 56 10
February-16 36 42 48 75 55 10
February-16 38 45 51 78 60 10
February-16 40 46 52 80 62 10
March-16 42 48 55 82 66 10
March-16 43 49 56 84 68 10
March-16 44 51 57 86 71 10
March-16 44 50 57 85 70 10
April-16 46 52 59 88 73 11
April-16 45 51 58 87 71 11
April-16 46 53 60 89 74 12
April-16 47 53 60 89 75 11
April-16 46 52 59 88 72 12
May-16 46 52 59 88 72 12
May-16 45 52 59 88 71 12
May-16 45 52 59 87 72 11
May-16 47 54 61 91 76 12
June-16 48 55 62 92 76 12
June-16 48 55 62 92 75 13
June-16 47 54 61 93 74 13
June-16 46 53 60 90 71 13
July-16 49 56 63 95 76 14
July-16 51 58 65 96 79 14
July-16 51 59 66 98 81 14
July-16 52 59 67 98 82 14
July-16 52 60 67 99 82 14
August-16 53 60 67 98 83 14
August-16 53 60 67 99 84 14
August-16 53 60 67 99 84 14
August-16 52 59 66 98 82 14
September-16 53 60 67 99 83 14
September-16 50 57 65 96 79 14
September-16 51 58 65 96 80 13
September-16 52 59 67 98 82 14
October-16 52 60 67 98 83 14
October-16 52 59 66 97 82 14
October-16 51 58 65 96 80 13
October-16 51 58 66 97 81 14
October-16 50 57 65 97 79 13
November-16 49 56 63 95 76 13
November-16 51 58 66 98 83 12
November-16 51 59 66 98 84 11
November-16 53 60 67 100 87 10
December-16 52 59 67 99 85 10
December-16 55 62 70 103 91 10
December-16 54 62 69 102 91 9
December-16 55 62 70 104 92 10
December-16 54 62 69 104 90 11
January-17 56 63 71 105 93 11
January-17 56 63 71 105 93 11
January-17 56 63 71 105 93 11
January-17 57 64 72 106 95 11
February-17 57 64 72 107 95 11
February-17 58 66 74 109 97 11
February-17 59 67 75 111 100 11
February-17 60 68 77 113 101 12
March-17 61 69 77 114 103 11
March-17 60 68 76 112 102 10
March-17 60 68 76 112 102 11
March-17 59 67 75 111 100 12
April-17 60 68 76 112 101 12
April-17 60 68 76 113 101 12
April-17 59 67 76 112 98 13
April-17 60 68 77 113 100 13
April-17 62 70 78 116 103 12
May-17 62 71 79 117 105 12
May-17 62 71 79 118 104 12
May-17 62 71 80 120 103 13
May-17 63 72 81 121 106 13
June-17 65 74 83 125 108 14
June-17 64 74 83 126 108 13
June-17 65 74 83 125 108 14
June-17 65 74 84 126 109 14
July-17 64 73 82 124 107 13
July-17 64 73 82 124 108 13
July-17 66 75 84 125 111 13
July-17 67 76 86 128 112 14
July-17 66 76 85 128 112 14
August-17 67 76 86 131 112 14
August-17 66 75 85 131 109 14
August-17 65 75 85 130 108 14
August-17 66 76 86 132 110 14
September-17 67 77 88 135 113 15
September-17 67 77 88 134 112 15
September-17 68 78 89 135 115 14
September-17 68 78 89 135 115 14
September-17 69 79 90 137 117 14
October-17 70 80 91 139 119 14
October-17 71 81 92 142 120 15
October-17 71 82 93 143 122 14
October-17 71 82 93 143 122 14
November-17 72 83 94 146 123 14
November-17 72 82 94 144 123 14
November-17 72 83 94 146 122 14
November-17 73 84 96 149 125 14
December-17 75 86 98 153 128 14
December-17 75 87 99 156 129 14
December-17 76 88 102 162 131 15
December-17 76 88 101 159 132 14
December-17 76 88 100 156 131 15
January-18 79 91 104 163 137 14
January-18 80 92 105 164 141 14
January-18 81 93 106 164 143 14
January-18 83 95 108 167 149 14
February-18 78 90 102 159 139 13
February-18 73 84 96 150 127 12
February-18 77 89 101 158 137 12
February-18 78 89 102 158 138 12
March-18 76 87 100 156 133 12
March-18 79 91 104 160 142 12
March-18 78 90 102 157 139 12
March-18 72 83 95 149 125 12
March-18 74 86 97 151 129 13
April-18 73 84 96 149 126 13
April-18 75 86 98 153 131 13
April-18 75 86 99 154 132 12
April-18 75 87 99 154 132 12
May-18 75 86 99 155 132 12
May-18 77 89 101 157 137 12
May-18 77 88 100 156 136 11
May-18 77 89 101 156 137 12
June-18 78 90 102 158 138 13
June-18 80 91 104 160 142 12
June-18 80 91 104 159 142 12
June-18 79 90 102 157 140 12
June-18 78 89 101 156 137 13
July-18 80 91 103 159 141 13
July-18 81 93 105 161 145 13
July-18 81 93 105 162 145 13
July-18 82 94 106 164 146 13
August-18 83 95 107 164 148 13
August-18 83 95 107 163 148 13
August-18 84 95 108 164 149 13
August-18 85 97 109 166 152 14
September-18 86 98 111 168 154 14
September-18 84 96 109 165 152 13
September-18 86 98 110 167 155 13
September-18 86 98 111 168 157 13
September-18 86 98 110 168 156 13
October-18 84 96 109 165 153 12
October-18 80 92 104 159 143 12
October-18 80 91 104 159 143 12
October-18 76 87 99 154 133 12
November-18 78 89 101 156 139 12
November-18 81 92 104 160 144 12
November-18 79 91 103 157 141 12
November-18 75 86 98 150 132 12
December-18 80 92 104 157 143 13
December-18 76 87 98 149 132 14
December-18 75 86 97 147 129 14
December-18 68 78 89 139 113 14
December-18 71 82 93 143 119 14
January-19 73 84 95 146 123 15
January-19 76 87 98 150 129 15
January-19 79 90 101 154 136 15
January-19 79 90 101 154 135 15
February-19 81 92 104 156 139 16
February-19 81 92 104 157 139 16
February-19 84 95 107 161 145 16
February-19 85 96 108 163 147 16
March-19 85 96 108 163 148 16
March-19 83 94 106 160 143 16
March-19 86 98 110 165 150 17
March-19 86 98 110 165 148 18
March-19 88 100 112 167 151 18
April-19 90 102 115 172 156 18
April-19 91 103 115 173 158 18
April-19 91 103 116 173 158 18
April-19 92 104 117 176 161 18
May-19 92 105 118 177 161 18
May-19 90 103 116 175 156 18
May-19 90 102 115 175 154 19
May-19 89 101 114 175 151 19
June-19 86 99 112 173 145 20
June-19 92 105 118 179 156 21
June-19 92 105 119 181 157 21
June-19 95 109 123 187 163 21
June-19 95 109 123 188 162 22
July-19 97 111 125 191 166 21
July-19 98 112 126 192 169 21
July-19 97 110 124 190 165 22
July-19 99 112 126 191 170 22
July-19 97 111 125 189 166 22
Bitcoin vs Gold vs Dollar
Traits of Money Gold Government Issued (US dollar) Crypto (Bitcoin)
Fungible (Interchangeable) High High High
Non-consumable High High High
Portability Moderate High High
Durable High Moderate High
Highly divisible Moderate Moderate High
Secure (cannot be counterfeited) Moderate Moderate High
Easily transactable Low High High
Scarce (predictable supply) Moderate Low High
Sovereign (Government issues) Low High Low
Decentralized Low Low High
Smart (Programmable) Low Low High
Interval SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currency
-1200 to -1150 00 00 00 00 00 00 00
-1150 to -1100 00 00 00 00 00 00 00
-1100 to -1050 00 00 00 00 00 00 00
-1050 to -1000 00 00 00 00 00 00 00
-1000 to -950 00 00 00 00 00 00 00
-950 to -900 00 00 00 00 00 00 00 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currency
-900 to -850 00 00 00 00 00 00 00 lt-15 00 00 64 00 00 00 00
-850 to -800 00 00 00 00 00 00 00 -150 to -100 00 00 59 00 00 18 00
-800 to -750 00 00 00 00 00 00 00 -100 to -50 13 00 97 13 15 82 00
-750 to -700 00 00 00 00 00 00 00 -50 to 00 372 408 195 485 390 408 469
-700 to -650 00 00 00 00 00 00 00 00 to 50 615 592 244 495 592 403 531
-650 to -600 00 00 00 00 00 00 00 50 to 100 00 00 154 08 03 85 00
-600 to -550 00 00 00 00 00 00 00 100 to 150 00 00 67 00 00 05 00
-550 to -500 00 00 00 00 00 00 00 gt15 00 00 121 00 00 00 00
-500 to -450 00 00 00 00 00 00 00
-450 to -400 00 00 05 00 00 00 00
-400 to -350 00 00 00 00 00 00 00
-350 to -300 00 00 08 00 00 00 00 64
-300 to -250 00 00 08 00 00 00 00
-250 to -200 00 00 15 00 00 00 00
-200 to -150 00 00 28 00 00 00 00
-150 to -100 00 00 59 00 00 18 00 1000 1000 815 1000 1000 1000 1000
-100 to -50 13 00 97 13 15 82 00
-50 to 00 372 408 195 485 390 408 469
00 to 50 615 592 244 495 592 403 531
50 to 100 00 00 154 08 03 85 00
100 to 150 00 00 67 00 00 05 00
150 to 200 00 00 31 00 00 00 00 121
200 to 250 00 00 31 00 00 00 00
250 to 300 00 00 13 00 00 00 00
300 to 350 00 00 13 00 00 00 00
350 to 400 00 00 13 00 00 00 00
400 to 450 00 00 10 00 00 00 00
450 to 500 00 00 00 00 00 00 00
500 to 550 00 00 03 00 00 00 00
550 to 600 00 00 00 00 00 00 00
600 to 650 00 00 00 00 00 00 00
650 to 700 00 00 00 00 00 00 00
700 to 750 00 00 03 00 00 00 00
750 to 800 00 00 00 00 00 00 00
800 to 850 00 00 03 00 00 00 00
850 to 900 00 00 00 00 00 00 00
900 to 950 00 00 00 00 00 00 00
950 to 1000 00 00 00 00 00 00 00
1000 to 1050 00 00 00 00 00 00 00
1050 to 1100 00 00 00 00 00 00 00
1100 to 1150 00 00 00 00 00 00 00
1150 to 1200 00 00 03 00 00 00 00
Page 3: The Investment Case for Bitcoin - Lopp · 2020. 5. 13. · — Gold coins are a money: usable on a very limited basis for transactions but not as easily as a currency — Artwork

Understanding the differences between monetary and intrinsic value

Bitcoinrsquos combination of durability scarcity privacy and its nature as a bearer asset all contribute to it holding monetary value

Bitcoin is on the path to becoming digital gold

So why donrsquot institutional investors own bitcoin

Bitcoin as a Potential Store of Value

3

Please see important disclosures at the end of this presentation

To determine if Bitcoin has value it is important to start with understanding the two types of value

Intrinsic Value (IV) Value that exists because an economic good produces cash flow or has overt utility equities fixed income real estate and consumable commodities (corn oil etc)

Monetary Value (MV) Value that exists in spite of an economic good not having intrinsic value or value that exists in excess of an economic goodrsquos intrinsic value

Bitcoin and Monetary Theory

4

Precious metals have a tiny amount of intrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

Goods with Intrinsic Value Goods with Monetary Value

Equities Gold

Fixed Income Silver

Real estate Diamonds

Corn Bitcoin

Wheat Artwork

Oil US Dollars

Copper Emeralds rubies other gemstones

Nothing ever ldquobacksrdquo MV MV is inherently a bet that an object will retain value or increase in value in the future Items with MV are items that store value and can be seen as claims on future IV This may make people uncomfortable but it has been true since the dawn of civilization

MV arises because of collective belief Behavioral economics heard behavior etc Humans have long needed a way to store value outside of IV Money is a natural consequence of a productive society

Monetary value neednrsquot relate to any sovereign power historically most objects of monetary value have no relationship to a sovereign power ndash gold gemstones etc

The creation of a new object with monetary value is rare but not unheard of Artwork is a good example Artwork as MV is a phenomenon of the past few centuries Artwork did not have MV in early societies

MV usually arises from special needs or circumstancesmdash Gold acquired MV because it was scarce durable and relatively easy to make into coins bars

etcmdash Bitcoin has MV because it is scarce (which is spectacularly unique in a digital world) durable

has strong privacy characteristics (ie it is pseudonymous) is a bearer asset that can be memorized (making it especially useful in authoritarian regimes)

Monetary Value

5

Precious metals have a tiny amount of instrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

The generation of MV does not require that an object be attached to a payment systemmdash Artwork is not used for payments but its value is entirely MVmdash Gold was used in the past for payments but nowadays only on a very limited basismdash Bitcoin is not a terrific payment system but certainly better than artwork and gold

The more people that come to accept than an object has MV the more likely it is to have MV in the future

Volatility is an inherent consequence of the process of an object acquiring MVmdash When gold first acquired MV there was plenty of disagreement about how many goats you could

get for an ounce of gold

Currency is a sub-type of money Money is a sub-type of items with MVmdash USD is a currency usable for transactions on a regular basismdash Gold coins are a money usable on a very limited basis for transactions but not as easily as a

currencymdash Artwork is an object with MV Not readily usable for transactions but plenty of MV nonethelessmdash Bitcoin is not quite a currency but most certainly is a money however it may become a currency

in the future

Monetary Theory

6

Precious metals have a tiny amount of intrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

Source MVIS Website As of 06302019 Please see important disclosures at the end of this presentation

Traits of Money Gold Government Issued (US dollar) Crypto (Bitcoin)Fungible (Interchangeable) High High HighNon-consumable High High HighPortability Moderate High HighDurable High Moderate HighHighly divisible Moderate Moderate HighSecure (cannot be counterfeited) Moderate Moderate HighEasily transactable Low High HighScarce (predictable supply) Moderate Low HighSovereign (Government issues) Low High LowDecentralized Low Low HighSmart (Programmable) Low Low High

Bitcoin vs Gold vs Dollar

Bitcoin Has the Potential to Become ldquoDigital Goldrdquo

7

Return Distribution

Return Distribution

SampP 500
US Bonds
Bitcoin
Gold
US Real Estate
Oil
Emerging Market Currency
Percent of Periods
Bitcoin Return Distribution

Sheet1

None of the traditional capital markets infrastructure participants handle bitcoin

The difficulty largely has to do with bitcoinrsquos nature as a bearer asset The plumbing to connect bitcoin with capital markets has been limited

Why donrsquot Institutional Investors Have Exposure to Bitcoin

8

Please see important disclosures at the end of this presentation

Capital Markets

Function entity Stocks bonds etc Bitcoin and other digital assetsCustodians Prime brokers Clearing entities Settlement entities Transfer agents

Investment Cumulative Growth

Investment Cumulative Growth

60-40 Blend
60-40 Blend w 50 BPS
60-40 Blend w 100 BPS
60-40 Blend w 300 BPS
SampP 500
Bloomberg Barclays US Agg
Cumulative Return
Assemetric Return Profile212012 - 7312019

If Bitcoin is increasingly used as an asset with monetary value both on-chain and off-chain then how might one think of it as an investment

Several theories exist that point to increasing scarcity and Network Transfer Value as some of the drivers for historical Bitcoin growth

Bitcoin historical performance and how that could fit into an investment portfolio

Bitcoinrsquos Role in an Investment Portfolio

9

Please see important disclosures at the end of this presentation

The stock to flow ratio is defined as the amount of an asset that is held in reserves divided by the amount of that asset produced for a selected time period

The below stock to flow data suggest that bitcoin may have potential to grow based on historical data and scarcity characteristics of bitcoin gold and silver

Stock to Flow Ratio Illustrates Bitcoin Growth Potential

10

Source Medium ldquoModeling Bitcoinrsquos Value with Scarcityrdquo March 22 2019 Please see important disclosures at the end of this presentation

Halving is defined as a 50 block reward cut to bitcoin production rate Halvings are programmed into bitcoin and occur roughly every four years (210000 blocks)

Historically given the increasing scarcity induced by halvings the price of bitcoin has increased following halvings over the course of Bitcoinrsquos lifecycle

The next halving is expected in May 2020

Bitcoin Halving Illustrates Scarcity-Driven Historical Growth

11

Source Morningstar Data as of 7312019 Please see important disclosures at the end of this presentation

10

100

1000

10000

100000

1000000

10000000

Cum

ulat

ive R

etur

n

MVIS CryptoCompare Bitcoin Index212012 - 7312019

2nd halving792016Bitcoin price $65761

1st halving11282012Bitcoin price $1222

Bitcoin has performed well versus major indices Most long term periods such as 3 and 5 year have been historically positive for Bitcoin

Bitcoin Historically Outperforms Traditional Asset Classes

12

Source MVIS Data as of July 31 2019 US Bonds is measured by the Bloomberg Barclays US Aggregate Index Gold is measured by the SampP GSCI Gold Spot Index US Real Estate is measured by the MSCI US REIT Index Oil is measured by the Brent Crude oil spot price Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index See disclaimers and index descriptions at the end of this presentation Past performance is no guarantee of future results

1 Month 3 Months YTD 1 Year 3 Years 5 YearsBitcoin -1083 8640 15839 2892 16730 8232SampP 500 144 169 2024 799 1336 1134US Bonds 022 328 635 808 217 305Gold 170 1183 1221 1655 193 231ACWI 017 -009 1507 087 801 439

10

100

1000

10000

100000

1000000

10000000

Cum

ulat

ive R

etur

n

MVIS CryptoCompare Bitcoin Index212012 - 7312019

Trailing Returns () Most Recen

Very low correlation with traditional asset classes such as broad market equity indices bonds and gold

Potential for increased portfolio diversification

Low Correlation with Traditional Asset Classes

13

Source Morningstar Data as of July 31 2019 US Bonds is measured by the Bloomberg Barclays US Aggregate Index Gold is measured by the SampP GSCI Gold Spot Index US Real Estate is measured by the MSCI US REIT Index Oil is measured by the Brent Crude oil spot price Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index See disclaimers and index descriptions at the end of this presentation

Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market

Currencies

SampP 500 - -028 001 -004 059 032 029US Bonds -028 - 003 026 012 -017 009Bitcoin 001 003 - 003 004 -005 -001Gold -004 026 003 - 007 009 031US Real Estate 059 012 004 007 - 012 027Oil 032 -017 -005 009 012 - 026Emerging Market Currencies 029 010 -001 031 027 023 -

Correlation Matrix

Bitcoin may enhance the risk and return reward profile of institutional investment portfolios A small allocation to bitcoin significantly enhanced the cumulative return of a 60 equity and

40 bonds portfolio allocation mix while only minimally impacting its volatility

A Small Bitcoin Allocation May Improve Portfolio Upside

Source Morningstar Data ss of 07312019 Please see important disclosures at the end of this presentation

14

0

50

100

150

200

250

Cumu

lative

Retu

rn

Assymetric Return Profile212012 - 7312019

60 EQ 40 BD 5975 EQ 3975 BD 05 BTC 595 EQ 395 BD 1 BTC

585 EQ 385 BD 3 BTC SampP 500 Bloomberg Barclays US Agg

Cumulative Return Annualized Return Std Dev BetaSampP 500 16569 1392 1117 100Bloomberg Barclays US Agg 2191 268 285 -00360 EQ 40 BD 9715 947 668 0595975 EQ 3975 BD 05 BTC 11056 1044 685 060595 EQ 395 BD 1 BTC 12471 1140 716 061585 EQ 385 BD 3 BTC 18949 1523 939 065

As the digital asset industry has matured Bitcoin decouples from small caps and drives large-cap index performance

Bitcoin to small cap performance difference has been 139 and the large cap to small cap performance difference has been approximately 40 in the past year as illustrated by the below indices

Bitcoin and Large-Caps Decouple From Small-Caps

15

Source BloombergMVIS Data as of 07152019 Please see important disclosures at the end of this presentation

17701

7823

3849

-50

0

50

100

150

200

250

300

Cumulative Performance

MVIS CryptoCompare Bitcoin Price MVIS CryptoCompare Digital Assets 10 MVIS CryptoCompare Digital Assets 100 Small-Cap

Bitcoin risks to consider include

Hacking of trading platforms and participants in the life cycle of a trade (usually social engineering)

Price volatility

Encryption vulnerability developments in quantum computing (which would increase success of private key hacking credit cards more vulnerable nevertheless)

Noveltyextreme early stage of many applications

Unintentional coding error

Governance shortcomings

Can miners and developers ldquorunrdquo the ldquocorerdquo software (Linux is a good example for successful execution)

Ecosystem design

Will payments continue to sustain processing and verification activities

Bitcoin Market Structure Risks

16

State Regulation

‒ Colorado exempts crypto from state securities regulation

‒ Wyoming recognized crypto as property allows banks to be custodians enables tokenization

Physically Settled Bitcoin Futures receive regulatory approval

Established custodians enter crypto

Established brokerages to offer spot digital asset trading

Pension funds and endowments allocate to digital assets

Global regulators start cracking down on ICOsunregistered offerings Bitcoin is different

ETFs under consideration VanEck-SolidX proposal is at the top of the pile

Heavy Momentum in Crypto Developments

17

Please see important disclosures at the end of this presentation

18

Accelerating Bitcoin Adoption

Bitfinex makes over $400 million1 Top 650 of US companies Binance in the same range

LiquidityhellipBitcoin daily volume over $2 billion2

Bitcoin and crypto became more available to retail investors‒ Swiss Exchange offers crypto trading (no Europe equity exchanges)‒ Robinhood TD and Etrade offer trading in crypto‒ Etoro large crypto broker offers commission-free trading in ETFs‒ Exchange-standard surveillance software implemented by crypto exchanges‒ OTC crypto brokers offer price feed to market through MVIS

CME futures contracts top 25000 BTC open interest $350 million notional3

Crypto exchanges use best practices such as surveillance and accounting software

Exchanges are the target of hackers but can reimburse losses(Binance refunds $40 million in losses from insurance fund)4

Crypto Exchanges are Healthy Not Going Away

19

1 Bitfinex Data as of 5820192 Cryptocompare Data as of 71020193 CME Data as of 62420194 BinancePlease see important disclosures at the end of this presentation

CME Bitcoin Futures Contract Sets New Trading Record

20

Source CME Group Data as of 6242019 Please see important disclosures at the end of this presentation

1523

2405

2873

3356

3822

4560

0

5000

10000

15000

20000

25000

30000

0

1000

2000

3000

4000

5000

6000

of E

quiva

lent B

itcoi

n

of B

TC C

ontra

cts

CME Bitcoin Futures Average Daily Open Interest

Bitcoin Trading is Not Concentrated

21

Source Bitcoinity Data as of June 2019

1 Month 6 Months

Exchange Volume (BTC) Market ShareCoinbase 783K 2240Bitfinex 527K 1507Kraken 524K 1500Bitstamp 416K 1190Bit-X 409K 1168bitFlyer 272K 779Bithumb 234K 669Others 162K 462Gemini 87K 248BitBay 83K 237

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

bitFly er

BithumbOthers Gemini BitBay

Coinbase Bitfinex Kraken Bitstamp Bit-xbitFlyer Bithumb Others Gemini BitBay

Exchange Volume (BTC) Market ShareCoinbase 280M 1915Bitfinex 242M 1655Kraken 221M 1513Bitstamp 187M 1280Bit-X 152M 1037Others 103M 702bitFlyer 102M 694Bithumb 934K 638Gemini 475K 324Itbit 345K 242

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

Others

bitFly er

BithumbGemini Itbit

Coinbase Bitfinex Kraken Bitstamp Bit-xOthers bitFlyer Bithumb Gemini Itbit

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

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image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

Chart1

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

6 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

image15png

image16png

Chart2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

6 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

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image15png

image16png

21

147

251

202

247

86

3509 01 00

000

500

1000

1500

2000

2500

3000

BT

C Ow

ned

in V

ario

us W

allet

Ran

ges

100000 - 1000000 10000 - 100000 1000 - 10000 100 - 1000 10 - 100 10-10 01 - 1 001 - 01 0001 - 001 0 - 0001

Caveat Multiple wallets per person Digital asset exchange wallets

represent bitcoin holdings of multiple persons

Bitcoin Ownership Seems Well DistributedNot Concentrated

22

Source Bitcoin Blockchain as of July 2019

Amount BTC Owned

Number of Wallets

Amount USD Owned Total Owned Cumultative

Owned100000 - 1000000 3 4059989007 21 21

10000 - 100000 115 27920455571 147 1681000 - 10000 1857 47829664968 251 420

100 - 1000 14199 38479936713 202 62210 - 100 134694 47043087453 247 869

10-10 585866 16378291621 86 95501 - 1 1971924 6613595738 35 990

001 - 01 4667132 1644668550 09 9990001 - 001 5968069 258169639 01 1000

0 - 0001 12806108 27379675 00 1000

Chart1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Bitcoin Ownership

100000 - 1000000

10000 - 10000032500000000000001E-210000 - 100000

10000 - 1000000127700000000000011000 - 10000

10000 - 100000024970000000000001100 - 1000

10000 - 1000000210210 - 100

02505999999999999910-10

86199999999999999E-201 - 1

33700000000000001E-2001 - 01

80000000000000002E-30001 - 001

11999999999999999E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Sheet1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Pie Chart

Bitcoin Ownership

100000 - 1000000

10000 - 10000032500000000000001E-210000 - 100000

10000 - 1000000127700000000000011000 - 10000

10000 - 100000024970000000000001100 - 1000

10000 - 1000000210210 - 100

02505999999999999910-10

86199999999999999E-201 - 1

33700000000000001E-2001 - 01

80000000000000002E-30001 - 001

11999999999999999E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Sheet1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Pie Chart

A full-node is a computer that downloaded and continuously updates a full copy of the Bitcoin-blockchain(You can host your own full node with as little as 200GBs Itrsquos your own mini bank)

A mining node is a computer that participates in the verification of transactions on the Bitcoin-blockchain

10435 Nodes

Top 10 countries with their respective number of reachable nodes are as follows

Rank Country Nodes

1 United States 2407 (2307)

2 Germany 1849 (1772)

3 na 1046 (1002)

4 France 600 (575)

5 Netherlands 521 (499)

6 China 411 (394)

7 Canada 349 (334)

8 United Kingdom 303 (290)

9 Singapore 286 (274)

10 Russian Federation 268 (257)

Bitcoin Adoption Continues Nodes and Users

23

Source Bitnodesearncom Data as of 7312019 Please see important disclosures at the end of this presentation na represents unknown locations but likely are mining pools

10000 Bitcoin Mining Nodes and 100000 Full Nodes

Bitcoin Adoption Continues On-Chain Transactions

24

1SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services Source Blockchaininfo Data as of 7132019 Please see important disclosures at the end of this presentation

Bitcoin transactions cross 400000 permissionless transactions a day exhibiting significant network value

Bitcoin on-chain transactions amount to a significant portion of SWIFT transactions1

0

100000

200000

300000

400000

500000

Tran

sact

ions

Daily Confirmed Bitcoin Transactions

A number of applications are being built on Bitcoin and there is a natural evolution taking place

Sidechains could be the next step in boosting Bitcoin adoption as they allow for scalability and customizations while retaining Bitcoinrsquos security properties

Built on top of the Bitcoin-blockchain the Lightning Network pushes the boundaries of Bitcoin payment capabilities with lower costs and faster speeds

Taking advantage of Bitcoinrsquos trust-minimized features Microsoft works to build a decentralized identity platform on the Bitcoin-blockchain

Tracking Bitcoin Adoption Off-Chain

25

Please see important disclosures at the end of this presentation

Established code base ndash Sidechains are based on Bitcoin-blockchain architecture

Security ndash Sidechains preserve the most important security properties of the Bitcoin-blockchain

Scalability ndash Sidechain transactions make verification faster (Example The Liquid sidechain supports Lightning enabling scalability up to millions of transactions per second

Privacy ndash Confidential transactions increase privacy for network participants

Customization ndash Possible to apply investor restrictions on sidechains Bitcoin is permissionless

Sidechains Supercharge Bitcoin Capabilities

26

The Lightning Network ndash Is a payment-focused layer 2 application built on top of the Bitcoin-blockchain (almost like a sidechain but different)

Scalability ndash Millions of transactions per second vs Bitcoin (7 txsec) and Visa (45000 txsec)1

Cost ndash Bitcoin transactions to reduce to fraction of a cent instead of dollars

Privacy ndash Retained from Bitcoin network identity only posted when lightning channel closed

Importance ndash Decentralized and trust-minimized transactions to compete with established centralized payment networks such as Visa MasterCard PayPal etchellip

Lightning Network is a Significant Payments Layer on Bitcoin

27

1 Visa Data as of 082017Please see important disclosures at the end of this presentation

What Decentralized online identity platform secure trust-minimized login

Who Microsoft decides to build it on Bitcoin

Where Built on top of the Bitcoin-blockchain(layer 2)

Why Online identity is centralized fragmented and prone to theft

When Launched on testnet in May 20191

Microsoft Secures Online Identity Using Bitcoin

28

1 MicrosoftPlease see important disclosures at the end of this presentation

Ten Most Liquid Digital Assets

Source CryptoCompare Data as of 6302019 Please see important disclosures at the end of this presentation

29

Rank Coin Price Direct Vol24 Hour

Total Vol 24 Hour

Market Cap

1 BitcoinBTC $1080880 $293 B $1198 B $19222 B

2 XRPXRP $04013 $17377 M $164 B $4013 B

3 EthereumETH $28934 $58194 M $508 B $3086 B

4 Bitcoin CashBCH $40207 $14365 M $93655 M $718 B

5 LitecoinLTC $11480 $22212 M $198 B $717 B

6 EOSEOS $5764 $8364 M $220 B $587 B

7 Binance CoinBNB $3377 - $30839 M $477 B

8 TetherUSDT $09875 $5518 M $21568 M $354 B

9 Bitcoin SVBSV $18912 $1349 M $27685 M $338 B

10 CardanoADA $008471 $422 M $22712 M $220 B

All indices are unmanaged and include the reinvestment of all dividends but do not reflect the payment of transactions costs advisory fees or expenses that are typically associated withmanaged accounts or investment funds Indices were selected for illustrative purposes only and are not securities in which investments can be made The returns of actual accountsinvesting in natural resource equities energy equities diversified mining equities gold equities commodities oil industrial metals gold US equities and US bonds strategies are likely todiffer from the performance of each corresponding index In addition the returns of accounts will vary from the performance of the indices for a variety of reasons including timing andindividual account objectives and restrictions Accordingly there can be no assurance that the benefits and riskreturn profile of the indices shown would be similar to those of actualaccounts managed Performance is shown for the stated time period only

The SampPreg 500 Index a float-adjusted market-cap-weighted index of 500 leading US companies from across all market sectors The Bloomberg Barclays US Aggregate Bond TR Index is a broad-based benchmark that measures the investment grade US dollar-denominated fixed-rate taxable bond market The index includes Treasuries government-related and corporate securities MBS (agency fixed-rate and hybrid ARM pass-throughs) ABS and CMBS (agency and non-agency) The Bloomberg Barclays EM Local Currency Government TR Index is a flagship index that measures the performance of local currency Emerging Markets (EM) debt Classification as an EM is rules-based and reviewed annually using World Bank income group International Monetary Fund (IMF) country classification and additional considerations such as market size and investability The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs and represents about 99 of the US REIT universe and securities are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICSreg) It however excludes Mortgage REIT and selected Specialized REITs The SampP GSCI Gold Index Is a sub-index of the SampP GSCI provides investors with reliable and publicly available benchmark tracking the COMEX gold future The index is designed to be tradable readily accessible to market participants and cost efficient to implement The MVIS CryptoCompare Bitcoin Index measures the performance of a digital assets portfolio which invests in Bitcoin The MVIS CryptoCompare Digital Assets 10 Index is a modified market cap-weighted index which tracks the performance of the 10 largest and most liquid digital assets Most demanding size and liquidity screenings are applied to potential index components to ensure investability The MVIS CryptoCompare Digital Assets 100 Small-Cap Index is a market cap-weighted index which tracks the performance of the 50 smallest digital assets in the MVIS CryptoCompare Digital Assets 100 Index

All SampP indices listed are products of SampP Dow Jones Indices LLC andor its affiliates and has been licensed for use by Van Eck Associates Corporation Copyright copy 2018 SampP Dow Jones Indices LLC a division of SampP Global Inc andor its affiliates All rights reserved Redistribution or reproduction in whole or in part are prohibited without written permission of SampP Dow Jones Indices LLC For more information on any of SampP Dow Jones Indices LLCrsquos indices please visit wwwspdjicom SampPreg is a registered trademark of SampP Global and Dow Jonesreg is a registered trademark of Dow Jones Trademark Holdings LLC Neither SampP Dow Jones Indices LLC Dow Jones Trademark Holdings LLC their affiliates nor their third party licensors make any representation or warranty express or implied as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither SampP Dow Jones Indices LLC Dow Jones Trademark Holdings LLC their affiliates nor their third party licensors shall have any liability for any errors omissions or interruptions of any index or the data included therein

Index Definitions

30

The information herein represents the opinion of the author(s) but not necessarily those of VanEck and these opinions maychange at any time and from time to time Non-VanEck proprietary information contained herein has been obtained from sourcesbelieved to be reliable but not guaranteed Not intended to be a forecast of future events a guarantee of future results orinvestment advice Historical performance is not indicative of future results Current data may differ from data quoted Any graphsshown herein are for illustrative purposes only

This is not an offer to buy or sell or a solicitation of any offer to buy or sell any of the securities financial instruments mentionedherein The information presented does not involve the rendering of personalized investment financial legal or tax advice

No part of this material may be reproduced in any form or referred to in any other publication without express written permissionof VanEck

MV Index Solutions (MVISreg) develops monitors and markets the MVIS Indices a focused selection of pure-play and investable indicesdesigned to underlie financial products They cover several asset classes including hard assets and the internal equity markets as well asfixed income markets MVIS is the index business of VanEck a US based investment management firm

All investing is subject to risk including the possible loss of the money you invest As with any investment strategy there is noguarantee that investment objectives will be met and investors may lose money Diversification does not ensure a profit or protectagainst a loss in a declining market Past performance is no guarantee of future results

Important Disclosure

31

  • Slide Number 1
  • Table of Contents
  • Bitcoin as a Potential Store of Value
  • Bitcoin and Monetary Theory
  • Monetary Value
  • Monetary Theory
  • Slide Number 7
  • Why donrsquot Institutional Investors Have Exposure to Bitcoin
  • Bitcoinrsquos Role in an Investment Portfolio
  • Stock to Flow Ratio Illustrates Bitcoin Growth Potential
  • Bitcoin Halving Illustrates Scarcity-Driven Historical Growth
  • Bitcoin Historically Outperforms Traditional Asset Classes
  • Low Correlation with Traditional Asset Classes
  • A Small Bitcoin Allocation May Improve Portfolio Upside
  • Bitcoin and Large-Caps Decouple From Small-Caps
  • Bitcoin Market Structure Risks
  • Heavy Momentum in Crypto Developments
  • Accelerating Bitcoin Adoption
  • Crypto Exchanges are Healthy Not Going Away
  • CME Bitcoin Futures Contract Sets New Trading Record
  • Bitcoin Trading is Not Concentrated
  • Bitcoin Ownership Seems Well DistributedNot Concentrated
  • Bitcoin Adoption Continues Nodes and Users
  • Bitcoin Adoption Continues On-Chain Transactions
  • Tracking Bitcoin Adoption Off-Chain
  • Sidechains Supercharge Bitcoin Capabilities
  • Lightning Network is a Significant Payments Layer on Bitcoin
  • Microsoft Secures Online Identity Using Bitcoin
  • Ten Most Liquid Digital Assets
  • Index Definitions
  • Important Disclosure
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62717 01238121022
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62917 00981665529
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72817 00972957553
72917 00943826972
73017 01384778234
73117 01037798751
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8217 0078218761
8317 00527523076
8417 00656503499
8517 00863960052
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8717 00635653338
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81017 00543603208
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81617 01012406479
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81817 00830143286
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82017 01289929062
82117 00867008287
82217 01069427228
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82517 00557364893
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83017 00714465718
83117 00465959379
9117 00543781495
9217 01194034389
9317 01076265462
9417 01799108026
9517 01392029505
9617 00798345086
9717 00680453099
9817 0116582401
9917 01006839459
91017 00919759306
91117 00967368988
91217 00667045316
91317 00928796388
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91517 01592396082
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92617 00535813741
92717 00665023289
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93017 00516599021
10117 00548086807
10217 00429229396
10317 00477896011
10417 00441620842
10517 00377163504
10617 00357222211
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10817 00343661721
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101017 00477528059
101117 00513481119
101217 00555171654
101317 00850766132
101417 00566657414
101517 00695118931
101617 00713483405
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101817 00858139178
101917 00659537668
102017 00809667585
102117 00804994655
102217 00907078044
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102417 00791826826
102517 00707800902
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102717 00647251408
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103017 0054222944
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11217 01342628864
11317 01094929239
11417 00923751207
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11617 01051647621
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11817 0087972243
11917 00504626306
111017 01010195504
111117 01409530375
111217 0158170973
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111417 00917994414
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112017 00660448179
112117 00988815425
112217 00790209436
112317 00598469312
112417 00925137277
112517 00488305195
112617 01021583116
112717 01226109061
112817 00787047886
112917 01642979744
113017 01484617066
12117 01126158591
12217 01005385188
12317 0105194426
12417 00966095703
12517 00626265819
12617 00977042671
12717 01548006614
12817 02268388798
12917 01750053432
121017 01767037437
121117 01140988805
121217 01073247253
121317 01187548583
121417 00890321124
121517 0082146209
121617 00509923361
121717 00641549113
121817 00728720295
121917 00657661854
122017 01459305895
122117 00992021922
122217 02182422831
122317 01536158465
122417 02041879503
122517 01512179481
122617 01250602943
122717 0101010843
122817 01256435796
122917 0096670879
123017 01468821797
123117 01465808461
1118 0133562166
1218 01237281734
1318 00996842055
1418 00758183564
1518 00824125054
1618 00733043118
1718 00748050005
1818 01257581552
1918 01027060373
11018 01091505457
11118 01793997683
11318 00980233122
11418 00670047621
11518 00705465096
11618 00996086016
11718 01146104509
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11918 01128178046
12018 00794280936
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12918 00656572523
13018 00694067312
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2618 0124447168
2718 01031600061
2818 00921954112
2918 00743837365
21018 00872332704
21118 00882768674
21218 00746061878
21318 00869579704
21418 00754725721
21518 00846794901
21618 00889518313
21718 00627979535
21818 0066697436
21918 00621835218
22018 00638607864
22118 00683697851
22218 00722371945
22318 0080014597
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22518 00826552705
22618 00689809559
22718 00698639545
22818 00618742592
3118 00583329185
3218 00725413541
3318 00420584268
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3618 00406413604
3718 00540783928
3818 00634293233
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31018 00552959675
31118 00677259641
31218 00509060517
31318 00507645369
31418 0054966153
31518 00453039063
31618 00436721107
31718 00478099735
31818 00837844055
31918 00762699486
32018 00613304797
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32218 0059189035
32318 00507021722
32418 00578028455
32518 00671668161
32618 00606252354
32718 00553357738
32818 00422126971
32918 00409532933
33018 00669448666
33118 00645559312
4118 00556418111
4218 00377861832
4318 00408145767
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4518 00547584429
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4818 0034775803
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41018 00358796876
41118 00316013811
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41318 00441568449
41418 00470789159
41518 00462040234
41618 00421743532
41718 00369628378
41818 00377010977
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42118 00628417606
42218 00540622016
42318 00398853339
42418 00346391988
42518 00417341418
42618 0035421657
42718 00347479339
42818 00411607492
42918 00427536221
43018 0037348017
5118 00377392734
5218 00360193034
5318 0028729561
5418 00346394252
5518 00399765994
5618 00460755715
5718 00361191714
5818 00331165283
5918 00280462336
51018 00274529413
51118 00318511213
51218 004124476
51318 00356115529
51418 00352361982
51518 0040888366
51618 00391293993
51718 00373369702
51818 00349872475
51918 0036977203
52018 00391918032
52118 00353758262
52218 00338199422
52318 00482954201
52418 00529828344
52518 00459358088
52618 00497166562
52718 00556988592
52818 00527060812
52918 00387370007
53018 0035594613
53118 00448772422
6118 00447739834
6218 00452383897
6318 0034281703
6418 00297235894
6518 00382098217
6618 00346626064
6718 00340175421
6818 0028733017
6918 0043312389
61018 00381714142
61118 00396925546
61218 00367721021
61318 00445420355
61418 00311875884
61518 00357396393
61618 00316141751
61718 00281284949
61818 00291547483
61918 00323326763
62018 00320830992
62118 00249754746
62218 00433141291
62318 00353808148
62418 00537738605
62518 00379488576
62618 00291877516
62718 0022169197
62818 00261648894
62918 00266801533
63018 00287091594
7118 00297440664
7218 00288775591
7318 00225287312
7418 00286920684
7518 00351774133
7618 00350636458
7718 00159005318
7818 00245638488
7918 00259271234
71018 00262819255
71118 00337518458
71218 00239792594
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 3 4059989007 21 21
10000 - 100000 115 27920455571 147 168
1000 - 10000 1857 47829664968 251 420
100 - 1000 14199 38479936713 202 622
10 - 100 134694 47043087453 247 869
10-10 585866 16378291621 86 955
01 - 1 1971924 6613595738 35 990
001 - 01 4667132 1644668550 09 999
0001 - 001 5968069 258169639 01 1000
0 - 0001 12806108 27379675 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 3 4059989007 21 21 213 (213)
9 10000 - 100000 115 27920455571 147 168 1468 (1681)
8 1000 - 10000 1857 47829664968 251 420 2514 (4195)
7 100 - 1000 14199 38479936713 202 622 2023 (6217)
6 10 - 100 134694 47043087453 247 869 2473 (869)
5 10-10 585866 16378291621 86 955 861 (9551)
4 01 - 1 1971924 6613595738 35 990 348 (9899)
3 001 - 01 4667132 1644668550 09 999 086 (9985)
2 0001 - 001 5968069 258169639 01 1000 014 (9999)
1 0 - 0001 12806108 27379675 00 1000 001 (100)
Balance Addresses Addresses (Total) Coins $USD Coins (Total)
10 [100000 - 1000000) 3 0 (0) 379653 BTC 4059989007 213 (213)
9 [10000 - 100000) 115 0 (0) 2610868 BTC 27920455571 1468 (1681)
8 [1000 - 10000) 1857 001 (001) 4472596 BTC 47829664968 2514 (4195)
7 [100 - 1000) 14199 005 (006) 3598295 BTC 38479936713 2023 (6217)
6 [10 - 100) 134694 052 (058) 4399043 BTC 47043087453 2473 (869)
5 [1 - 10) 585866 224 (282) 1531549 BTC 16378291621 861 (9551)
4 [01 - 1) 1971924 754 (1036) 618443 BTC 6613595738 348 (9899)
3 [001 - 01) 4667132 1785 (2821) 153794 BTC 1644668550 086 (9985)
2 [0001 - 001) 5968069 2282 (5103) 24142 BTC 258169639 014 (9999)
1 (0 - 0001) 12806108 4897 (100) 2560 BTC 27379675 001 (100)
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 5 2218916942 33 33
10000 - 100000 101 8711437680 128 160
1000 - 10000 1772 17033928871 250 410
100 - 1000 14624 14338235582 210 620
10 - 100 134783 17095952090 251 871
10-10 577555 5881026979 86 957
01 - 1 1862119 2299202599 34 991
001 - 01 4256030 543244472 08 999
0001 - 001 5272740 83467180 01 1000
0 - 0001 11368643 8868027 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 5 2218916942 33 33 325 (325)
9 10000 - 100000 101 8711437680 128 160 1277 (1602)
8 1000 - 10000 1772 17033928871 250 410 2497 (4099)
7 100 - 1000 14624 14338235582 210 620 2102 (6201)
6 10 - 100 134783 17095952090 251 871 2506 (8708)
5 10-10 577555 5881026979 86 957 862 (957)
4 01 - 1 1862119 2299202599 34 991 337 (9907)
3 001 - 01 4256030 543244472 08 999 08 (9986)
2 0001 - 001 5272740 83467180 01 1000 012 (9999)
1 0 - 0001 11368643 8868027 00 1000 001 (100)
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6517 01554369093
6617 01557748085
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6817 01320834569
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61017 01182578344
61117 02283127613
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61317 01577833953
61417 01542153849
61517 01732658826
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61717 01731672317
61817 01449662544
61917 01729482742
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62117 01371495593
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62517 01647673129
62617 01498748587
62717 01238121022
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62917 00981665529
63017 00963632502
7117 01385025716
7217 01473738592
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7517 01004082807
7617 00888403199
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71017 0091732126
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71317 00624019243
71417 00824218284
71517 01228359851
71617 01399988807
71717 0117683964
71817 01152234775
71917 00938667645
72017 008959853
72117 01053605848
72217 00844350873
72317 00842581678
72417 00649035125
72517 00960367067
72617 01122000651
72717 00928476512
72817 00972957553
72917 00943826972
73017 01384778234
73117 01037798751
8117 01498382724
8217 0078218761
8317 00527523076
8417 00656503499
8517 00863960052
8617 00687700906
8717 00635653338
8817 006883812
8917 00832059368
81017 00543603208
81117 00561471175
81217 00930131239
81317 01204205516
81417 00942669782
81517 01231201028
81617 01012406479
81717 00838649776
81817 00830143286
81917 03124334814
82017 01289929062
82117 00867008287
82217 01069427228
82317 00735714408
82417 01027226335
82517 00557364893
82617 00863461259
82717 00607146583
82817 00382781103
82917 00407287928
83017 00714465718
83117 00465959379
9117 00543781495
9217 01194034389
9317 01076265462
9417 01799108026
9517 01392029505
9617 00798345086
9717 00680453099
9817 0116582401
9917 01006839459
91017 00919759306
91117 00967368988
91217 00667045316
91317 00928796388
91417 01050487074
91517 01592396082
91617 01347408433
91717 00786004579
91817 00713478021
91917 00662511507
92017 00649959454
92117 00867309302
92217 00799024996
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92417 00855528611
92517 00758180996
92617 00535813741
92717 00665023289
92817 00665454418
92917 00795943411
93017 00516599021
10117 00548086807
10217 00429229396
10317 00477896011
10417 00441620842
10517 00377163504
10617 00357222211
10717 00348630299
10817 00343661721
10917 00495026706
101017 00477528059
101117 00513481119
101217 00555171654
101317 00850766132
101417 00566657414
101517 00695118931
101617 00713483405
101717 0061416954
101817 00858139178
101917 00659537668
102017 00809667585
102117 00804994655
102217 00907078044
102317 00746050614
102417 00791826826
102517 00707800902
102617 0063468268
102717 00647251408
102817 00485642443
102917 00618967479
103017 0054222944
103117 00466990155
11117 00558653562
11217 01342628864
11317 01094929239
11417 00923751207
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11617 01051647621
11717 00980729559
11817 0087972243
11917 00504626306
111017 01010195504
111117 01409530375
111217 0158170973
111317 01098782874
111417 00917994414
111517 00795193476
111617 00740365756
111717 01025573749
111817 00971772863
111917 00584404864
112017 00660448179
112117 00988815425
112217 00790209436
112317 00598469312
112417 00925137277
112517 00488305195
112617 01021583116
112717 01226109061
112817 00787047886
112917 01642979744
113017 01484617066
12117 01126158591
12217 01005385188
12317 0105194426
12417 00966095703
12517 00626265819
12617 00977042671
12717 01548006614
12817 02268388798
12917 01750053432
121017 01767037437
121117 01140988805
121217 01073247253
121317 01187548583
121417 00890321124
121517 0082146209
121617 00509923361
121717 00641549113
121817 00728720295
121917 00657661854
122017 01459305895
122117 00992021922
122217 02182422831
122317 01536158465
122417 02041879503
122517 01512179481
122617 01250602943
122717 0101010843
122817 01256435796
122917 0096670879
123017 01468821797
123117 01465808461
1118 0133562166
1218 01237281734
1318 00996842055
1418 00758183564
1518 00824125054
1618 00733043118
1718 00748050005
1818 01257581552
1918 01027060373
11018 01091505457
11118 01793997683
11318 00980233122
11418 00670047621
11518 00705465096
11618 00996086016
11718 01146104509
11818 01139866016
11918 01128178046
12018 00794280936
12118 01026508308
12218 00990801209
12318 00961573406
12418 00849160439
12518 00735197513
12618 00688645188
12718 00780525203
12818 00647386449
12918 00656572523
13018 00694067312
13118 00831160465
2118 00748791917
2218 00824894164
2318 00837097098
2418 00870495552
2518 0115292099
2618 0124447168
2718 01031600061
2818 00921954112
2918 00743837365
21018 00872332704
21118 00882768674
21218 00746061878
21318 00869579704
21418 00754725721
21518 00846794901
21618 00889518313
21718 00627979535
21818 0066697436
21918 00621835218
22018 00638607864
22118 00683697851
22218 00722371945
22318 0080014597
22418 00813623941
22518 00826552705
22618 00689809559
22718 00698639545
22818 00618742592
3118 00583329185
3218 00725413541
3318 00420584268
3418 004413967
3518 00293976833
3618 00406413604
3718 00540783928
3818 00634293233
3918 00715150782
31018 00552959675
31118 00677259641
31218 00509060517
31318 00507645369
31418 0054966153
31518 00453039063
31618 00436721107
31718 00478099735
31818 00837844055
31918 00762699486
32018 00613304797
32118 00598011169
32218 0059189035
32318 00507021722
32418 00578028455
32518 00671668161
32618 00606252354
32718 00553357738
32818 00422126971
32918 00409532933
33018 00669448666
33118 00645559312
4118 00556418111
4218 00377861832
4318 00408145767
4418 00458372437
4518 00547584429
4618 00411866879
4718 00476427048
4818 0034775803
4918 00399706205
41018 00358796876
41118 00316013811
41218 00446811614
41318 00441568449
41418 00470789159
41518 00462040234
41618 00421743532
41718 00369628378
41818 00377010977
41918 00303816771
42018 00323607969
42118 00628417606
42218 00540622016
42318 00398853339
42418 00346391988
42518 00417341418
42618 0035421657
42718 00347479339
42818 00411607492
42918 00427536221
43018 0037348017
5118 00377392734
5218 00360193034
5318 0028729561
5418 00346394252
5518 00399765994
5618 00460755715
5718 00361191714
5818 00331165283
5918 00280462336
51018 00274529413
51118 00318511213
51218 004124476
51318 00356115529
51418 00352361982
51518 0040888366
51618 00391293993
51718 00373369702
51818 00349872475
51918 0036977203
52018 00391918032
52118 00353758262
52218 00338199422
52318 00482954201
52418 00529828344
52518 00459358088
52618 00497166562
52718 00556988592
52818 00527060812
52918 00387370007
53018 0035594613
53118 00448772422
6118 00447739834
6218 00452383897
6318 0034281703
6418 00297235894
6518 00382098217
6618 00346626064
6718 00340175421
6818 0028733017
6918 0043312389
61018 00381714142
61118 00396925546
61218 00367721021
61318 00445420355
61418 00311875884
61518 00357396393
61618 00316141751
61718 00281284949
61818 00291547483
61918 00323326763
62018 00320830992
62118 00249754746
62218 00433141291
62318 00353808148
62418 00537738605
62518 00379488576
62618 00291877516
62718 0022169197
62818 00261648894
62918 00266801533
63018 00287091594
7118 00297440664
7218 00288775591
7318 00225287312
7418 00286920684
7518 00351774133
7618 00350636458
7718 00159005318
7818 00245638488
7918 00259271234
71018 00262819255
71118 00337518458
71218 00239792594
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 3 4059989007 21 21
10000 - 100000 115 27920455571 147 168
1000 - 10000 1857 47829664968 251 420
100 - 1000 14199 38479936713 202 622
10 - 100 134694 47043087453 247 869
10-10 585866 16378291621 86 955
01 - 1 1971924 6613595738 35 990
001 - 01 4667132 1644668550 09 999
0001 - 001 5968069 258169639 01 1000
0 - 0001 12806108 27379675 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 3 4059989007 21 21 213 (213)
9 10000 - 100000 115 27920455571 147 168 1468 (1681)
8 1000 - 10000 1857 47829664968 251 420 2514 (4195)
7 100 - 1000 14199 38479936713 202 622 2023 (6217)
6 10 - 100 134694 47043087453 247 869 2473 (869)
5 10-10 585866 16378291621 86 955 861 (9551)
4 01 - 1 1971924 6613595738 35 990 348 (9899)
3 001 - 01 4667132 1644668550 09 999 086 (9985)
2 0001 - 001 5968069 258169639 01 1000 014 (9999)
1 0 - 0001 12806108 27379675 00 1000 001 (100)
Balance Addresses Addresses (Total) Coins $USD Coins (Total)
10 [100000 - 1000000) 3 0 (0) 379653 BTC 4059989007 213 (213)
9 [10000 - 100000) 115 0 (0) 2610868 BTC 27920455571 1468 (1681)
8 [1000 - 10000) 1857 001 (001) 4472596 BTC 47829664968 2514 (4195)
7 [100 - 1000) 14199 005 (006) 3598295 BTC 38479936713 2023 (6217)
6 [10 - 100) 134694 052 (058) 4399043 BTC 47043087453 2473 (869)
5 [1 - 10) 585866 224 (282) 1531549 BTC 16378291621 861 (9551)
4 [01 - 1) 1971924 754 (1036) 618443 BTC 6613595738 348 (9899)
3 [001 - 01) 4667132 1785 (2821) 153794 BTC 1644668550 086 (9985)
2 [0001 - 001) 5968069 2282 (5103) 24142 BTC 258169639 014 (9999)
1 (0 - 0001) 12806108 4897 (100) 2560 BTC 27379675 001 (100)
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 5 2218916942 33 33
10000 - 100000 101 8711437680 128 160
1000 - 10000 1772 17033928871 250 410
100 - 1000 14624 14338235582 210 620
10 - 100 134783 17095952090 251 871
10-10 577555 5881026979 86 957
01 - 1 1862119 2299202599 34 991
001 - 01 4256030 543244472 08 999
0001 - 001 5272740 83467180 01 1000
0 - 0001 11368643 8868027 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 5 2218916942 33 33 325 (325)
9 10000 - 100000 101 8711437680 128 160 1277 (1602)
8 1000 - 10000 1772 17033928871 250 410 2497 (4099)
7 100 - 1000 14624 14338235582 210 620 2102 (6201)
6 10 - 100 134783 17095952090 251 871 2506 (8708)
5 10-10 577555 5881026979 86 957 862 (957)
4 01 - 1 1862119 2299202599 34 991 337 (9907)
3 001 - 01 4256030 543244472 08 999 08 (9986)
2 0001 - 001 5272740 83467180 01 1000 012 (9999)
1 0 - 0001 11368643 8868027 00 1000 001 (100)
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x Others bitFlyer Bithumb Gemini Itbit
1915 1655 1513 1280 1037 702 694 638 324 242
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 280M 1915 Coinbase 280M 1915
Bitfinex 242M 1655 Bitfinex 242M 1655
Kraken 221M 1513 Kraken 221M 1513
Bitstamp 187M 1280 Bitstamp 187M 1280
Bit-X 152M 1037 Bit-X 152M 1037
Others 103M 702 Others 103M 702
bitFlyer 102M 694 bitFlyer 102M 694
Bithumb 934K 638 Bithumb 934K 638
Gemini 475K 324 Gemini 475K 324
Itbit 345K 242 Itbit 345K 242
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x Others bitFlyer Bithumb Gemini Itbit
1915 1655 1513 1280 1037 702 694 638 324 242
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 280M 1915 Coinbase 280M 1915
Bitfinex 242M 1655 Bitfinex 242M 1655
Kraken 221M 1513 Kraken 221M 1513
Bitstamp 187M 1280 Bitstamp 187M 1280
Bit-X 152M 1037 Bit-X 152M 1037
Others 103M 702 Others 103M 702
bitFlyer 102M 694 bitFlyer 102M 694
Bithumb 934K 638 Bithumb 934K 638
Gemini 475K 324 Gemini 475K 324
Itbit 345K 242 Itbit 345K 242
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Investment Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currencies
1 SampP 500 TR (1989) SampP 500 - -028 001 -004 059 032 029
2 BBgBarc US Agg Bond TR USD US Bonds -028 - 003 026 012 -017 009
3 MVIS CryptoCompare Bitcoin PR USD Bitcoin 001 003 - 003 004 -005 -001
4 SampP GSCI Gold Spot Gold -004 026 003 - 007 009 031
5 MSCI US REIT PR USD US Real Estate 059 012 004 007 - 012 027
6 Oil Price Brent Crude PR Oil 032 -017 -005 009 012 - 026
7 BBgBarc EM Local Currency Govt TR USD Emerging Market Currencies 029 010 -001 031 027 023 -
Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currencies
SampP 500 - -028 001 033 063 -004 029
US Bonds -028 - 003 -020 011 027 009
Bitcoin 001 003 - -005 004 003 -001
Gold 033 -020 -005 - 016 011 027
US Real Estate 063 011 004 016 - 007 029
Oil -004 027 003 011 007 - 031
Emerging Market Currencies 029 009 -001 027 029 031 -
1 Month 3 Months YTD 1 Year 3 Years 5 Years
MVIS CryptoCompare Bitcoin PR USD Bitcoin -1083 8640 15839 2892 16730 8232
SampP 500 TR (1989) SampP 500 144 169 2024 799 1336 1134
BBgBarc US Agg Bond TR USD US Bonds 022 328 635 808 217 305
DJ Cmmdty Gold PR USD Gold 170 1183 1221 1655 193 231
MSCI ACWI PR USD ACWI 017 -009 1507 087 801 439
Date 60-40 Blend 60-40 Blend w 50 BPS 60-40 Blend w 100 BPS 60-40 Blend w 300 BPS SampP 500 Bloomberg Barclays US Agg Return Std Dev Alpha Beta R2 Sharpe Ratio (arith) Up Capture Ratio Down Capture Ratio
January-12 0 0 0 0 0 0 60eqty-40bond 947 668 095 059 9717 132 6334 5623
February-12 1 1 1 2 3 -0 60eqty-40bond 05 crypto 1044 685 172 060 9520 143 6713 5603
February-12 1 1 1 1 2 -0 60eqty-40bond 1 crypto 1140 716 250 061 8989 150 7087 5583
February-12 2 2 2 1 4 -0 60eqty-40bond 3 crypto 1523 939 559 065 5882 155 8550 5509
February-12 2 2 2 2 4 -0 SampP 500 TR (1989) 1392 1117 000 100 10000 119 10000 10000
March-12 3 3 3 2 5 0 BBgBarc US Agg Bond TR USD 268 285 238 -003 114 071 789 -862
March-12 3 3 3 2 5 -0 SampP 500 TR (1989) 1392 1117 000 100 10000 119 10000 10000 Cumulative Return Annualized Return Volatility Beta
March-12 4 4 4 4 7 -1 SampP 500 16569 1392 1117 100
March-12 4 4 4 3 7 -1 Bloomberg Barclays US Agg 2191 268 285 -003
March-12 4 4 4 4 8 -1 60-40 Blend 9715 947 668 059
April-12 4 4 4 4 7 -0 60-40 Blend w 50 BPS 11056 1044 685 060
April-12 3 3 3 3 5 0 60-40 Blend w 100 BPS 12471 1140 716 061
April-12 3 3 3 3 6 0 60-40 Blend w 300 BPS 18949 1523 939 065
April-12 5 5 5 4 7 0
May-12 3 3 3 3 5 1
May-12 3 3 3 2 4 1
May-12 0 0 0 -0 -1 1
May-12 1 1 1 1 1 1 Capital Markets
June-12 -0 -0 -0 -0 -2 2
June-12 2 2 2 2 2 1 Function entity Stocks bonds etc Bitcoin and other digital assets
June-12 3 3 3 3 3 1 Custodians
June-12 2 2 2 3 3 1 Prime brokers
June-12 4 4 4 4 5 1 Clearing entities
July-12 3 4 4 4 4 2 Settlement entities
July-12 4 4 4 5 4 2 Transfer agents
July-12 4 5 5 6 5 3
July-12 5 5 6 7 7 3
August-12 5 6 6 8 7 3
August-12 6 7 7 9 8 3
August-12 7 7 7 9 9 2
August-12 6 7 7 9 9 2
September-12 6 7 7 9 9 3
September-12 8 8 9 10 11 3
September-12 9 9 10 12 13 2
September-12 9 9 10 12 13 3
September-12 8 9 9 11 11 3
October-12 9 10 10 12 13 3
October-12 8 8 9 10 11 3
October-12 8 8 9 11 11 3
October-12 7 7 8 9 9 3
November-12 7 7 8 9 10 3
November-12 6 6 7 8 7 3
November-12 5 5 6 8 6 3
November-12 7 7 8 10 9 3
December-12 7 8 8 10 10 3
December-12 8 8 9 11 10 3
December-12 7 8 8 11 10 3
December-12 8 9 9 11 11 3
December-12 7 8 8 10 9 3
January-13 10 10 11 13 14 3
January-13 10 11 11 13 15 3
January-13 11 11 12 14 16 3
January-13 11 12 13 16 17 3
February-13 12 12 13 16 18 3
February-13 12 13 14 17 18 3
February-13 12 13 14 18 19 3
February-13 12 13 14 19 18 3
March-13 12 14 15 20 19 3
March-13 14 15 16 22 21 3
March-13 14 16 17 23 22 3
March-13 14 16 18 25 22 3
March-13 15 17 19 28 23 3
April-13 14 17 19 30 22 4
April-13 16 18 20 30 24 4
April-13 15 17 19 30 22 4
April-13 16 18 21 31 24 4
May-13 17 20 22 32 27 4
May-13 18 20 23 33 28 4
May-13 19 22 24 35 31 3
May-13 18 21 24 34 30 3
June-13 17 20 22 33 28 2
June-13 18 20 23 33 29 2
June-13 17 20 22 32 28 2
June-13 15 17 20 29 25 0
June-13 16 18 20 30 26 1
July-13 16 18 21 30 28 -0
July-13 19 21 24 33 32 1
July-13 20 22 24 34 33 1
July-13 20 22 24 34 33 1
August-13 20 23 25 35 35 1
August-13 20 22 25 35 33 1
August-13 18 20 23 33 31 -0
August-13 18 21 23 33 31 -0
August-13 17 20 22 33 29 0
September-13 18 20 23 33 31 -0
September-13 19 22 24 35 33 -0
September-13 21 23 26 37 35 1
September-13 20 23 25 37 34 1
October-13 20 23 25 36 34 1
October-13 21 23 26 37 35 1
October-13 23 25 28 41 38 2
October-13 23 26 29 42 39 2
November-13 23 26 29 42 40 2
November-13 24 27 31 46 40 1
November-13 25 29 33 49 43 2
November-13 25 30 35 57 43 2
November-13 25 31 38 65 43 2
December-13 25 31 37 62 43 1
December-13 24 30 36 62 41 1
December-13 26 32 37 63 45 2
December-13 27 32 38 64 46 1
January-14 26 32 38 65 46 1
January-14 27 33 39 66 47 2
January-14 27 33 39 66 46 2
January-14 25 31 37 64 42 2
February-14 25 31 37 63 42 3
February-14 26 32 37 63 43 3
February-14 28 33 39 64 47 3
February-14 28 33 39 63 46 3
March-14 29 35 41 66 48 3
March-14 29 35 41 67 50 3
March-14 28 34 40 66 47 3
March-14 29 35 41 66 49 3
March-14 29 34 40 65 48 3
April-14 29 35 41 66 49 3
April-14 27 33 39 63 45 4
April-14 29 35 41 66 49 3
April-14 29 35 41 66 49 4
May-14 30 36 42 67 51 4
May-14 30 36 42 67 50 4
May-14 31 36 42 67 51 5
May-14 32 37 44 69 52 5
May-14 33 39 45 72 54 5
June-14 34 40 46 73 56 5
June-14 33 39 45 72 55 5
June-14 34 40 47 74 58 5
June-14 34 41 47 74 58 5
July-14 35 41 48 75 60 5
July-14 35 41 47 75 58 5
July-14 35 41 48 75 59 5
July-14 35 42 48 75 59 5
August-14 33 39 45 72 55 5
August-14 34 40 46 73 55 5
August-14 35 41 47 74 57 6
August-14 36 42 48 75 60 6
August-14 37 43 49 76 62 6
September-14 37 43 49 76 62 6
September-14 36 42 48 75 60 5
September-14 37 43 49 75 62 5
September-14 36 42 48 74 60 5
October-14 36 41 47 73 59 6
October-14 33 39 45 70 54 6
October-14 33 39 45 70 52 7
October-14 36 42 48 73 59 7
November-14 38 44 50 75 63 6
November-14 39 45 51 77 64 6
November-14 39 45 51 78 65 6
November-14 40 46 52 79 67 7
November-14 41 47 53 80 68 7
December-14 41 47 53 80 68 7
December-14 38 44 50 76 62 7
December-14 41 47 53 79 68 7
December-14 41 47 54 80 69 7
January-15 41 46 52 78 67 8
January-15 40 46 52 78 66 8
January-15 40 45 51 75 64 9
January-15 41 47 53 78 67 9
January-15 39 45 51 75 62 10
February-15 41 47 53 78 67 8
February-15 43 49 55 81 71 8
February-15 43 49 55 81 72 8
February-15 43 49 55 81 71 8
March-15 42 47 54 79 69 7
March-15 41 47 53 79 67 8
March-15 44 50 56 82 72 9
March-15 42 48 54 79 68 9
April-15 43 48 54 80 69 9
April-15 44 50 56 81 72 9
April-15 43 49 55 80 70 10
April-15 45 50 56 82 73 9
May-15 44 50 56 81 72 8
May-15 44 50 56 82 73 8
May-15 44 50 56 82 74 8
May-15 44 50 56 82 74 8
May-15 44 50 56 81 73 8
June-15 43 48 54 80 71 7
June-15 43 49 55 80 72 7
June-15 44 50 56 81 73 7
June-15 43 49 55 80 72 6
July-15 42 48 54 80 70 7
July-15 42 48 54 80 70 7
July-15 44 50 57 83 75 7
July-15 43 49 55 81 71 8
August-15 44 50 56 82 73 8
August-15 43 49 55 81 71 8
August-15 43 49 55 81 72 8
August-15 39 44 50 75 62 8
August-15 39 45 51 76 64 8
September-15 37 42 48 72 58 8
September-15 38 44 50 75 62 8
September-15 38 44 50 75 61 8
September-15 37 43 48 73 59 8
October-15 38 44 50 75 61 9
October-15 41 47 53 78 66 9
October-15 42 48 54 80 68 9
October-15 44 50 56 82 71 9
October-15 44 50 56 83 72 8
November-15 44 50 57 85 73 8
November-15 41 47 53 80 67 8
November-15 44 50 57 84 73 8
November-15 44 50 57 84 73 8
December-15 44 51 57 85 73 8
December-15 41 48 54 82 67 9
December-15 41 47 54 82 66 8
December-15 43 49 56 84 71 8
January-16 42 49 55 83 69 8
January-16 38 44 50 78 59 9
January-16 36 42 48 75 56 9
January-16 37 43 49 76 58 9
January-16 39 45 51 78 61 9
February-16 36 42 49 75 56 10
February-16 36 42 48 75 55 10
February-16 38 45 51 78 60 10
February-16 40 46 52 80 62 10
March-16 42 48 55 82 66 10
March-16 43 49 56 84 68 10
March-16 44 51 57 86 71 10
March-16 44 50 57 85 70 10
April-16 46 52 59 88 73 11
April-16 45 51 58 87 71 11
April-16 46 53 60 89 74 12
April-16 47 53 60 89 75 11
April-16 46 52 59 88 72 12
May-16 46 52 59 88 72 12
May-16 45 52 59 88 71 12
May-16 45 52 59 87 72 11
May-16 47 54 61 91 76 12
June-16 48 55 62 92 76 12
June-16 48 55 62 92 75 13
June-16 47 54 61 93 74 13
June-16 46 53 60 90 71 13
July-16 49 56 63 95 76 14
July-16 51 58 65 96 79 14
July-16 51 59 66 98 81 14
July-16 52 59 67 98 82 14
July-16 52 60 67 99 82 14
August-16 53 60 67 98 83 14
August-16 53 60 67 99 84 14
August-16 53 60 67 99 84 14
August-16 52 59 66 98 82 14
September-16 53 60 67 99 83 14
September-16 50 57 65 96 79 14
September-16 51 58 65 96 80 13
September-16 52 59 67 98 82 14
October-16 52 60 67 98 83 14
October-16 52 59 66 97 82 14
October-16 51 58 65 96 80 13
October-16 51 58 66 97 81 14
October-16 50 57 65 97 79 13
November-16 49 56 63 95 76 13
November-16 51 58 66 98 83 12
November-16 51 59 66 98 84 11
November-16 53 60 67 100 87 10
December-16 52 59 67 99 85 10
December-16 55 62 70 103 91 10
December-16 54 62 69 102 91 9
December-16 55 62 70 104 92 10
December-16 54 62 69 104 90 11
January-17 56 63 71 105 93 11
January-17 56 63 71 105 93 11
January-17 56 63 71 105 93 11
January-17 57 64 72 106 95 11
February-17 57 64 72 107 95 11
February-17 58 66 74 109 97 11
February-17 59 67 75 111 100 11
February-17 60 68 77 113 101 12
March-17 61 69 77 114 103 11
March-17 60 68 76 112 102 10
March-17 60 68 76 112 102 11
March-17 59 67 75 111 100 12
April-17 60 68 76 112 101 12
April-17 60 68 76 113 101 12
April-17 59 67 76 112 98 13
April-17 60 68 77 113 100 13
April-17 62 70 78 116 103 12
May-17 62 71 79 117 105 12
May-17 62 71 79 118 104 12
May-17 62 71 80 120 103 13
May-17 63 72 81 121 106 13
June-17 65 74 83 125 108 14
June-17 64 74 83 126 108 13
June-17 65 74 83 125 108 14
June-17 65 74 84 126 109 14
July-17 64 73 82 124 107 13
July-17 64 73 82 124 108 13
July-17 66 75 84 125 111 13
July-17 67 76 86 128 112 14
July-17 66 76 85 128 112 14
August-17 67 76 86 131 112 14
August-17 66 75 85 131 109 14
August-17 65 75 85 130 108 14
August-17 66 76 86 132 110 14
September-17 67 77 88 135 113 15
September-17 67 77 88 134 112 15
September-17 68 78 89 135 115 14
September-17 68 78 89 135 115 14
September-17 69 79 90 137 117 14
October-17 70 80 91 139 119 14
October-17 71 81 92 142 120 15
October-17 71 82 93 143 122 14
October-17 71 82 93 143 122 14
November-17 72 83 94 146 123 14
November-17 72 82 94 144 123 14
November-17 72 83 94 146 122 14
November-17 73 84 96 149 125 14
December-17 75 86 98 153 128 14
December-17 75 87 99 156 129 14
December-17 76 88 102 162 131 15
December-17 76 88 101 159 132 14
December-17 76 88 100 156 131 15
January-18 79 91 104 163 137 14
January-18 80 92 105 164 141 14
January-18 81 93 106 164 143 14
January-18 83 95 108 167 149 14
February-18 78 90 102 159 139 13
February-18 73 84 96 150 127 12
February-18 77 89 101 158 137 12
February-18 78 89 102 158 138 12
March-18 76 87 100 156 133 12
March-18 79 91 104 160 142 12
March-18 78 90 102 157 139 12
March-18 72 83 95 149 125 12
March-18 74 86 97 151 129 13
April-18 73 84 96 149 126 13
April-18 75 86 98 153 131 13
April-18 75 86 99 154 132 12
April-18 75 87 99 154 132 12
May-18 75 86 99 155 132 12
May-18 77 89 101 157 137 12
May-18 77 88 100 156 136 11
May-18 77 89 101 156 137 12
June-18 78 90 102 158 138 13
June-18 80 91 104 160 142 12
June-18 80 91 104 159 142 12
June-18 79 90 102 157 140 12
June-18 78 89 101 156 137 13
July-18 80 91 103 159 141 13
July-18 81 93 105 161 145 13
July-18 81 93 105 162 145 13
July-18 82 94 106 164 146 13
August-18 83 95 107 164 148 13
August-18 83 95 107 163 148 13
August-18 84 95 108 164 149 13
August-18 85 97 109 166 152 14
September-18 86 98 111 168 154 14
September-18 84 96 109 165 152 13
September-18 86 98 110 167 155 13
September-18 86 98 111 168 157 13
September-18 86 98 110 168 156 13
October-18 84 96 109 165 153 12
October-18 80 92 104 159 143 12
October-18 80 91 104 159 143 12
October-18 76 87 99 154 133 12
November-18 78 89 101 156 139 12
November-18 81 92 104 160 144 12
November-18 79 91 103 157 141 12
November-18 75 86 98 150 132 12
December-18 80 92 104 157 143 13
December-18 76 87 98 149 132 14
December-18 75 86 97 147 129 14
December-18 68 78 89 139 113 14
December-18 71 82 93 143 119 14
January-19 73 84 95 146 123 15
January-19 76 87 98 150 129 15
January-19 79 90 101 154 136 15
January-19 79 90 101 154 135 15
February-19 81 92 104 156 139 16
February-19 81 92 104 157 139 16
February-19 84 95 107 161 145 16
February-19 85 96 108 163 147 16
March-19 85 96 108 163 148 16
March-19 83 94 106 160 143 16
March-19 86 98 110 165 150 17
March-19 86 98 110 165 148 18
March-19 88 100 112 167 151 18
April-19 90 102 115 172 156 18
April-19 91 103 115 173 158 18
April-19 91 103 116 173 158 18
April-19 92 104 117 176 161 18
May-19 92 105 118 177 161 18
May-19 90 103 116 175 156 18
May-19 90 102 115 175 154 19
May-19 89 101 114 175 151 19
June-19 86 99 112 173 145 20
June-19 92 105 118 179 156 21
June-19 92 105 119 181 157 21
June-19 95 109 123 187 163 21
June-19 95 109 123 188 162 22
July-19 97 111 125 191 166 21
July-19 98 112 126 192 169 21
July-19 97 110 124 190 165 22
July-19 99 112 126 191 170 22
July-19 97 111 125 189 166 22
Bitcoin vs Gold vs Dollar
Traits of Money Gold Government Issued (US dollar) Crypto (Bitcoin)
Fungible (Interchangeable) High High High
Non-consumable High High High
Portability Moderate High High
Durable High Moderate High
Highly divisible Moderate Moderate High
Secure (cannot be counterfeited) Moderate Moderate High
Easily transactable Low High High
Scarce (predictable supply) Moderate Low High
Sovereign (Government issues) Low High Low
Decentralized Low Low High
Smart (Programmable) Low Low High
Interval SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currency
-1200 to -1150 00 00 00 00 00 00 00
-1150 to -1100 00 00 00 00 00 00 00
-1100 to -1050 00 00 00 00 00 00 00
-1050 to -1000 00 00 00 00 00 00 00
-1000 to -950 00 00 00 00 00 00 00
-950 to -900 00 00 00 00 00 00 00 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currency
-900 to -850 00 00 00 00 00 00 00 lt-15 00 00 64 00 00 00 00
-850 to -800 00 00 00 00 00 00 00 -150 to -100 00 00 59 00 00 18 00
-800 to -750 00 00 00 00 00 00 00 -100 to -50 13 00 97 13 15 82 00
-750 to -700 00 00 00 00 00 00 00 -50 to 00 372 408 195 485 390 408 469
-700 to -650 00 00 00 00 00 00 00 00 to 50 615 592 244 495 592 403 531
-650 to -600 00 00 00 00 00 00 00 50 to 100 00 00 154 08 03 85 00
-600 to -550 00 00 00 00 00 00 00 100 to 150 00 00 67 00 00 05 00
-550 to -500 00 00 00 00 00 00 00 gt15 00 00 121 00 00 00 00
-500 to -450 00 00 00 00 00 00 00
-450 to -400 00 00 05 00 00 00 00
-400 to -350 00 00 00 00 00 00 00
-350 to -300 00 00 08 00 00 00 00 64
-300 to -250 00 00 08 00 00 00 00
-250 to -200 00 00 15 00 00 00 00
-200 to -150 00 00 28 00 00 00 00
-150 to -100 00 00 59 00 00 18 00 1000 1000 815 1000 1000 1000 1000
-100 to -50 13 00 97 13 15 82 00
-50 to 00 372 408 195 485 390 408 469
00 to 50 615 592 244 495 592 403 531
50 to 100 00 00 154 08 03 85 00
100 to 150 00 00 67 00 00 05 00
150 to 200 00 00 31 00 00 00 00 121
200 to 250 00 00 31 00 00 00 00
250 to 300 00 00 13 00 00 00 00
300 to 350 00 00 13 00 00 00 00
350 to 400 00 00 13 00 00 00 00
400 to 450 00 00 10 00 00 00 00
450 to 500 00 00 00 00 00 00 00
500 to 550 00 00 03 00 00 00 00
550 to 600 00 00 00 00 00 00 00
600 to 650 00 00 00 00 00 00 00
650 to 700 00 00 00 00 00 00 00
700 to 750 00 00 03 00 00 00 00
750 to 800 00 00 00 00 00 00 00
800 to 850 00 00 03 00 00 00 00
850 to 900 00 00 00 00 00 00 00
900 to 950 00 00 00 00 00 00 00
950 to 1000 00 00 00 00 00 00 00
1000 to 1050 00 00 00 00 00 00 00
1050 to 1100 00 00 00 00 00 00 00
1100 to 1150 00 00 00 00 00 00 00
1150 to 1200 00 00 03 00 00 00 00
Page 4: The Investment Case for Bitcoin - Lopp · 2020. 5. 13. · — Gold coins are a money: usable on a very limited basis for transactions but not as easily as a currency — Artwork

To determine if Bitcoin has value it is important to start with understanding the two types of value

Intrinsic Value (IV) Value that exists because an economic good produces cash flow or has overt utility equities fixed income real estate and consumable commodities (corn oil etc)

Monetary Value (MV) Value that exists in spite of an economic good not having intrinsic value or value that exists in excess of an economic goodrsquos intrinsic value

Bitcoin and Monetary Theory

4

Precious metals have a tiny amount of intrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

Goods with Intrinsic Value Goods with Monetary Value

Equities Gold

Fixed Income Silver

Real estate Diamonds

Corn Bitcoin

Wheat Artwork

Oil US Dollars

Copper Emeralds rubies other gemstones

Nothing ever ldquobacksrdquo MV MV is inherently a bet that an object will retain value or increase in value in the future Items with MV are items that store value and can be seen as claims on future IV This may make people uncomfortable but it has been true since the dawn of civilization

MV arises because of collective belief Behavioral economics heard behavior etc Humans have long needed a way to store value outside of IV Money is a natural consequence of a productive society

Monetary value neednrsquot relate to any sovereign power historically most objects of monetary value have no relationship to a sovereign power ndash gold gemstones etc

The creation of a new object with monetary value is rare but not unheard of Artwork is a good example Artwork as MV is a phenomenon of the past few centuries Artwork did not have MV in early societies

MV usually arises from special needs or circumstancesmdash Gold acquired MV because it was scarce durable and relatively easy to make into coins bars

etcmdash Bitcoin has MV because it is scarce (which is spectacularly unique in a digital world) durable

has strong privacy characteristics (ie it is pseudonymous) is a bearer asset that can be memorized (making it especially useful in authoritarian regimes)

Monetary Value

5

Precious metals have a tiny amount of instrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

The generation of MV does not require that an object be attached to a payment systemmdash Artwork is not used for payments but its value is entirely MVmdash Gold was used in the past for payments but nowadays only on a very limited basismdash Bitcoin is not a terrific payment system but certainly better than artwork and gold

The more people that come to accept than an object has MV the more likely it is to have MV in the future

Volatility is an inherent consequence of the process of an object acquiring MVmdash When gold first acquired MV there was plenty of disagreement about how many goats you could

get for an ounce of gold

Currency is a sub-type of money Money is a sub-type of items with MVmdash USD is a currency usable for transactions on a regular basismdash Gold coins are a money usable on a very limited basis for transactions but not as easily as a

currencymdash Artwork is an object with MV Not readily usable for transactions but plenty of MV nonethelessmdash Bitcoin is not quite a currency but most certainly is a money however it may become a currency

in the future

Monetary Theory

6

Precious metals have a tiny amount of intrinsic value because of industrial uses Nonetheless the prices of precious metals largely reflect their monetary value If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today Please see important disclosures at the end of this presentation

Source MVIS Website As of 06302019 Please see important disclosures at the end of this presentation

Traits of Money Gold Government Issued (US dollar) Crypto (Bitcoin)Fungible (Interchangeable) High High HighNon-consumable High High HighPortability Moderate High HighDurable High Moderate HighHighly divisible Moderate Moderate HighSecure (cannot be counterfeited) Moderate Moderate HighEasily transactable Low High HighScarce (predictable supply) Moderate Low HighSovereign (Government issues) Low High LowDecentralized Low Low HighSmart (Programmable) Low Low High

Bitcoin vs Gold vs Dollar

Bitcoin Has the Potential to Become ldquoDigital Goldrdquo

7

Return Distribution

Return Distribution

SampP 500
US Bonds
Bitcoin
Gold
US Real Estate
Oil
Emerging Market Currency
Percent of Periods
Bitcoin Return Distribution

Sheet1

None of the traditional capital markets infrastructure participants handle bitcoin

The difficulty largely has to do with bitcoinrsquos nature as a bearer asset The plumbing to connect bitcoin with capital markets has been limited

Why donrsquot Institutional Investors Have Exposure to Bitcoin

8

Please see important disclosures at the end of this presentation

Capital Markets

Function entity Stocks bonds etc Bitcoin and other digital assetsCustodians Prime brokers Clearing entities Settlement entities Transfer agents

Investment Cumulative Growth

Investment Cumulative Growth

60-40 Blend
60-40 Blend w 50 BPS
60-40 Blend w 100 BPS
60-40 Blend w 300 BPS
SampP 500
Bloomberg Barclays US Agg
Cumulative Return
Assemetric Return Profile212012 - 7312019

If Bitcoin is increasingly used as an asset with monetary value both on-chain and off-chain then how might one think of it as an investment

Several theories exist that point to increasing scarcity and Network Transfer Value as some of the drivers for historical Bitcoin growth

Bitcoin historical performance and how that could fit into an investment portfolio

Bitcoinrsquos Role in an Investment Portfolio

9

Please see important disclosures at the end of this presentation

The stock to flow ratio is defined as the amount of an asset that is held in reserves divided by the amount of that asset produced for a selected time period

The below stock to flow data suggest that bitcoin may have potential to grow based on historical data and scarcity characteristics of bitcoin gold and silver

Stock to Flow Ratio Illustrates Bitcoin Growth Potential

10

Source Medium ldquoModeling Bitcoinrsquos Value with Scarcityrdquo March 22 2019 Please see important disclosures at the end of this presentation

Halving is defined as a 50 block reward cut to bitcoin production rate Halvings are programmed into bitcoin and occur roughly every four years (210000 blocks)

Historically given the increasing scarcity induced by halvings the price of bitcoin has increased following halvings over the course of Bitcoinrsquos lifecycle

The next halving is expected in May 2020

Bitcoin Halving Illustrates Scarcity-Driven Historical Growth

11

Source Morningstar Data as of 7312019 Please see important disclosures at the end of this presentation

10

100

1000

10000

100000

1000000

10000000

Cum

ulat

ive R

etur

n

MVIS CryptoCompare Bitcoin Index212012 - 7312019

2nd halving792016Bitcoin price $65761

1st halving11282012Bitcoin price $1222

Bitcoin has performed well versus major indices Most long term periods such as 3 and 5 year have been historically positive for Bitcoin

Bitcoin Historically Outperforms Traditional Asset Classes

12

Source MVIS Data as of July 31 2019 US Bonds is measured by the Bloomberg Barclays US Aggregate Index Gold is measured by the SampP GSCI Gold Spot Index US Real Estate is measured by the MSCI US REIT Index Oil is measured by the Brent Crude oil spot price Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index See disclaimers and index descriptions at the end of this presentation Past performance is no guarantee of future results

1 Month 3 Months YTD 1 Year 3 Years 5 YearsBitcoin -1083 8640 15839 2892 16730 8232SampP 500 144 169 2024 799 1336 1134US Bonds 022 328 635 808 217 305Gold 170 1183 1221 1655 193 231ACWI 017 -009 1507 087 801 439

10

100

1000

10000

100000

1000000

10000000

Cum

ulat

ive R

etur

n

MVIS CryptoCompare Bitcoin Index212012 - 7312019

Trailing Returns () Most Recen

Very low correlation with traditional asset classes such as broad market equity indices bonds and gold

Potential for increased portfolio diversification

Low Correlation with Traditional Asset Classes

13

Source Morningstar Data as of July 31 2019 US Bonds is measured by the Bloomberg Barclays US Aggregate Index Gold is measured by the SampP GSCI Gold Spot Index US Real Estate is measured by the MSCI US REIT Index Oil is measured by the Brent Crude oil spot price Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index See disclaimers and index descriptions at the end of this presentation

Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market

Currencies

SampP 500 - -028 001 -004 059 032 029US Bonds -028 - 003 026 012 -017 009Bitcoin 001 003 - 003 004 -005 -001Gold -004 026 003 - 007 009 031US Real Estate 059 012 004 007 - 012 027Oil 032 -017 -005 009 012 - 026Emerging Market Currencies 029 010 -001 031 027 023 -

Correlation Matrix

Bitcoin may enhance the risk and return reward profile of institutional investment portfolios A small allocation to bitcoin significantly enhanced the cumulative return of a 60 equity and

40 bonds portfolio allocation mix while only minimally impacting its volatility

A Small Bitcoin Allocation May Improve Portfolio Upside

Source Morningstar Data ss of 07312019 Please see important disclosures at the end of this presentation

14

0

50

100

150

200

250

Cumu

lative

Retu

rn

Assymetric Return Profile212012 - 7312019

60 EQ 40 BD 5975 EQ 3975 BD 05 BTC 595 EQ 395 BD 1 BTC

585 EQ 385 BD 3 BTC SampP 500 Bloomberg Barclays US Agg

Cumulative Return Annualized Return Std Dev BetaSampP 500 16569 1392 1117 100Bloomberg Barclays US Agg 2191 268 285 -00360 EQ 40 BD 9715 947 668 0595975 EQ 3975 BD 05 BTC 11056 1044 685 060595 EQ 395 BD 1 BTC 12471 1140 716 061585 EQ 385 BD 3 BTC 18949 1523 939 065

As the digital asset industry has matured Bitcoin decouples from small caps and drives large-cap index performance

Bitcoin to small cap performance difference has been 139 and the large cap to small cap performance difference has been approximately 40 in the past year as illustrated by the below indices

Bitcoin and Large-Caps Decouple From Small-Caps

15

Source BloombergMVIS Data as of 07152019 Please see important disclosures at the end of this presentation

17701

7823

3849

-50

0

50

100

150

200

250

300

Cumulative Performance

MVIS CryptoCompare Bitcoin Price MVIS CryptoCompare Digital Assets 10 MVIS CryptoCompare Digital Assets 100 Small-Cap

Bitcoin risks to consider include

Hacking of trading platforms and participants in the life cycle of a trade (usually social engineering)

Price volatility

Encryption vulnerability developments in quantum computing (which would increase success of private key hacking credit cards more vulnerable nevertheless)

Noveltyextreme early stage of many applications

Unintentional coding error

Governance shortcomings

Can miners and developers ldquorunrdquo the ldquocorerdquo software (Linux is a good example for successful execution)

Ecosystem design

Will payments continue to sustain processing and verification activities

Bitcoin Market Structure Risks

16

State Regulation

‒ Colorado exempts crypto from state securities regulation

‒ Wyoming recognized crypto as property allows banks to be custodians enables tokenization

Physically Settled Bitcoin Futures receive regulatory approval

Established custodians enter crypto

Established brokerages to offer spot digital asset trading

Pension funds and endowments allocate to digital assets

Global regulators start cracking down on ICOsunregistered offerings Bitcoin is different

ETFs under consideration VanEck-SolidX proposal is at the top of the pile

Heavy Momentum in Crypto Developments

17

Please see important disclosures at the end of this presentation

18

Accelerating Bitcoin Adoption

Bitfinex makes over $400 million1 Top 650 of US companies Binance in the same range

LiquidityhellipBitcoin daily volume over $2 billion2

Bitcoin and crypto became more available to retail investors‒ Swiss Exchange offers crypto trading (no Europe equity exchanges)‒ Robinhood TD and Etrade offer trading in crypto‒ Etoro large crypto broker offers commission-free trading in ETFs‒ Exchange-standard surveillance software implemented by crypto exchanges‒ OTC crypto brokers offer price feed to market through MVIS

CME futures contracts top 25000 BTC open interest $350 million notional3

Crypto exchanges use best practices such as surveillance and accounting software

Exchanges are the target of hackers but can reimburse losses(Binance refunds $40 million in losses from insurance fund)4

Crypto Exchanges are Healthy Not Going Away

19

1 Bitfinex Data as of 5820192 Cryptocompare Data as of 71020193 CME Data as of 62420194 BinancePlease see important disclosures at the end of this presentation

CME Bitcoin Futures Contract Sets New Trading Record

20

Source CME Group Data as of 6242019 Please see important disclosures at the end of this presentation

1523

2405

2873

3356

3822

4560

0

5000

10000

15000

20000

25000

30000

0

1000

2000

3000

4000

5000

6000

of E

quiva

lent B

itcoi

n

of B

TC C

ontra

cts

CME Bitcoin Futures Average Daily Open Interest

Bitcoin Trading is Not Concentrated

21

Source Bitcoinity Data as of June 2019

1 Month 6 Months

Exchange Volume (BTC) Market ShareCoinbase 783K 2240Bitfinex 527K 1507Kraken 524K 1500Bitstamp 416K 1190Bit-X 409K 1168bitFlyer 272K 779Bithumb 234K 669Others 162K 462Gemini 87K 248BitBay 83K 237

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

bitFly er

BithumbOthers Gemini BitBay

Coinbase Bitfinex Kraken Bitstamp Bit-xbitFlyer Bithumb Others Gemini BitBay

Exchange Volume (BTC) Market ShareCoinbase 280M 1915Bitfinex 242M 1655Kraken 221M 1513Bitstamp 187M 1280Bit-X 152M 1037Others 103M 702bitFlyer 102M 694Bithumb 934K 638Gemini 475K 324Itbit 345K 242

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

Others

bitFly er

BithumbGemini Itbit

Coinbase Bitfinex Kraken Bitstamp Bit-xOthers bitFlyer Bithumb Gemini Itbit

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

Chart1

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

6 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

image15png

image16png

Chart2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

1 Month Platform market share

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers26700000000000002E-20318099999999999990126301107000000000000101317000000000000139699999999999999E-234200000000000001E-2178E-20136858000000000000003E-2

1 Month Market Share 6-30-18

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0278299999999999990110101086010620103790200000000000002E-267599999999999993E-256599999999999998E-240500000000000001E-238199999999999998E-2

1 Month Market Share 2-28-19

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0202699999999999990174499999999999990153400000000000010146600000000000010104869500000000000006E-256500000000000002E-200430800000000000001E-2212E-2

6 Mo Market Share 2-28-19

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay022120000000000001018279999999999999013630126599999999999990104774099999999999999E-256899999999999999E-2441E-238399999999999997E-2149E-2

1 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0224015070150118999999999999990116877899999999999997E-266900000000000001E-246199999999999998E-224799999999999999E-223699999999999999E-2

6 Mo Market Share 6302019

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0191501655000000000000101512999999999999901280103770199999999999999E-269400000000000003E-263799999999999996E-232399999999999998E-224199999999999999E-2

Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers24E-203229000000000000201227010901499000000000000147399999999999998E-233000000000000002E-225100000000000001E-292700000000000005E-273300000000000004E-2

6 Mo Market Share 6-30-18

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit03017000000000000201338012420116000000000000010113764100000000000004E-2482E-2402E-2327E-225499999999999998E-2

image1png

image2png

image3png

image4png

image5png

image6png

image7png

image8png

image9png

image10png

image11png

image12png

image13png

image14png

image15png

image16png

21

147

251

202

247

86

3509 01 00

000

500

1000

1500

2000

2500

3000

BT

C Ow

ned

in V

ario

us W

allet

Ran

ges

100000 - 1000000 10000 - 100000 1000 - 10000 100 - 1000 10 - 100 10-10 01 - 1 001 - 01 0001 - 001 0 - 0001

Caveat Multiple wallets per person Digital asset exchange wallets

represent bitcoin holdings of multiple persons

Bitcoin Ownership Seems Well DistributedNot Concentrated

22

Source Bitcoin Blockchain as of July 2019

Amount BTC Owned

Number of Wallets

Amount USD Owned Total Owned Cumultative

Owned100000 - 1000000 3 4059989007 21 21

10000 - 100000 115 27920455571 147 1681000 - 10000 1857 47829664968 251 420

100 - 1000 14199 38479936713 202 62210 - 100 134694 47043087453 247 869

10-10 585866 16378291621 86 95501 - 1 1971924 6613595738 35 990

001 - 01 4667132 1644668550 09 9990001 - 001 5968069 258169639 01 1000

0 - 0001 12806108 27379675 00 1000

Chart1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Bitcoin Ownership

100000 - 1000000

10000 - 10000032500000000000001E-210000 - 100000

10000 - 1000000127700000000000011000 - 10000

10000 - 100000024970000000000001100 - 1000

10000 - 1000000210210 - 100

02505999999999999910-10

86199999999999999E-201 - 1

33700000000000001E-2001 - 01

80000000000000002E-30001 - 001

11999999999999999E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Sheet1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Pie Chart

Bitcoin Ownership

100000 - 1000000

10000 - 10000032500000000000001E-210000 - 100000

10000 - 1000000127700000000000011000 - 10000

10000 - 100000024970000000000001100 - 1000

10000 - 1000000210210 - 100

02505999999999999910-10

86199999999999999E-201 - 1

33700000000000001E-2001 - 01

80000000000000002E-30001 - 001

11999999999999999E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Sheet1

100000 - 1000000

10000 - 10000021299999999999999E-210000 - 100000

10000 - 1000000146800000000000011000 - 10000

10000 - 100000025140000000000001100 - 1000

10000 - 10000002023000000000000110 - 100

02472999999999999910-10

86099999999999996E-201 - 1

34799999999999998E-2001 - 01

86E-30001 - 001

14E-30 - 0001

1E-4

BTC Owned in Various Wallet Ranges

Pie Chart

A full-node is a computer that downloaded and continuously updates a full copy of the Bitcoin-blockchain(You can host your own full node with as little as 200GBs Itrsquos your own mini bank)

A mining node is a computer that participates in the verification of transactions on the Bitcoin-blockchain

10435 Nodes

Top 10 countries with their respective number of reachable nodes are as follows

Rank Country Nodes

1 United States 2407 (2307)

2 Germany 1849 (1772)

3 na 1046 (1002)

4 France 600 (575)

5 Netherlands 521 (499)

6 China 411 (394)

7 Canada 349 (334)

8 United Kingdom 303 (290)

9 Singapore 286 (274)

10 Russian Federation 268 (257)

Bitcoin Adoption Continues Nodes and Users

23

Source Bitnodesearncom Data as of 7312019 Please see important disclosures at the end of this presentation na represents unknown locations but likely are mining pools

10000 Bitcoin Mining Nodes and 100000 Full Nodes

Bitcoin Adoption Continues On-Chain Transactions

24

1SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services Source Blockchaininfo Data as of 7132019 Please see important disclosures at the end of this presentation

Bitcoin transactions cross 400000 permissionless transactions a day exhibiting significant network value

Bitcoin on-chain transactions amount to a significant portion of SWIFT transactions1

0

100000

200000

300000

400000

500000

Tran

sact

ions

Daily Confirmed Bitcoin Transactions

A number of applications are being built on Bitcoin and there is a natural evolution taking place

Sidechains could be the next step in boosting Bitcoin adoption as they allow for scalability and customizations while retaining Bitcoinrsquos security properties

Built on top of the Bitcoin-blockchain the Lightning Network pushes the boundaries of Bitcoin payment capabilities with lower costs and faster speeds

Taking advantage of Bitcoinrsquos trust-minimized features Microsoft works to build a decentralized identity platform on the Bitcoin-blockchain

Tracking Bitcoin Adoption Off-Chain

25

Please see important disclosures at the end of this presentation

Established code base ndash Sidechains are based on Bitcoin-blockchain architecture

Security ndash Sidechains preserve the most important security properties of the Bitcoin-blockchain

Scalability ndash Sidechain transactions make verification faster (Example The Liquid sidechain supports Lightning enabling scalability up to millions of transactions per second

Privacy ndash Confidential transactions increase privacy for network participants

Customization ndash Possible to apply investor restrictions on sidechains Bitcoin is permissionless

Sidechains Supercharge Bitcoin Capabilities

26

The Lightning Network ndash Is a payment-focused layer 2 application built on top of the Bitcoin-blockchain (almost like a sidechain but different)

Scalability ndash Millions of transactions per second vs Bitcoin (7 txsec) and Visa (45000 txsec)1

Cost ndash Bitcoin transactions to reduce to fraction of a cent instead of dollars

Privacy ndash Retained from Bitcoin network identity only posted when lightning channel closed

Importance ndash Decentralized and trust-minimized transactions to compete with established centralized payment networks such as Visa MasterCard PayPal etchellip

Lightning Network is a Significant Payments Layer on Bitcoin

27

1 Visa Data as of 082017Please see important disclosures at the end of this presentation

What Decentralized online identity platform secure trust-minimized login

Who Microsoft decides to build it on Bitcoin

Where Built on top of the Bitcoin-blockchain(layer 2)

Why Online identity is centralized fragmented and prone to theft

When Launched on testnet in May 20191

Microsoft Secures Online Identity Using Bitcoin

28

1 MicrosoftPlease see important disclosures at the end of this presentation

Ten Most Liquid Digital Assets

Source CryptoCompare Data as of 6302019 Please see important disclosures at the end of this presentation

29

Rank Coin Price Direct Vol24 Hour

Total Vol 24 Hour

Market Cap

1 BitcoinBTC $1080880 $293 B $1198 B $19222 B

2 XRPXRP $04013 $17377 M $164 B $4013 B

3 EthereumETH $28934 $58194 M $508 B $3086 B

4 Bitcoin CashBCH $40207 $14365 M $93655 M $718 B

5 LitecoinLTC $11480 $22212 M $198 B $717 B

6 EOSEOS $5764 $8364 M $220 B $587 B

7 Binance CoinBNB $3377 - $30839 M $477 B

8 TetherUSDT $09875 $5518 M $21568 M $354 B

9 Bitcoin SVBSV $18912 $1349 M $27685 M $338 B

10 CardanoADA $008471 $422 M $22712 M $220 B

All indices are unmanaged and include the reinvestment of all dividends but do not reflect the payment of transactions costs advisory fees or expenses that are typically associated withmanaged accounts or investment funds Indices were selected for illustrative purposes only and are not securities in which investments can be made The returns of actual accountsinvesting in natural resource equities energy equities diversified mining equities gold equities commodities oil industrial metals gold US equities and US bonds strategies are likely todiffer from the performance of each corresponding index In addition the returns of accounts will vary from the performance of the indices for a variety of reasons including timing andindividual account objectives and restrictions Accordingly there can be no assurance that the benefits and riskreturn profile of the indices shown would be similar to those of actualaccounts managed Performance is shown for the stated time period only

The SampPreg 500 Index a float-adjusted market-cap-weighted index of 500 leading US companies from across all market sectors The Bloomberg Barclays US Aggregate Bond TR Index is a broad-based benchmark that measures the investment grade US dollar-denominated fixed-rate taxable bond market The index includes Treasuries government-related and corporate securities MBS (agency fixed-rate and hybrid ARM pass-throughs) ABS and CMBS (agency and non-agency) The Bloomberg Barclays EM Local Currency Government TR Index is a flagship index that measures the performance of local currency Emerging Markets (EM) debt Classification as an EM is rules-based and reviewed annually using World Bank income group International Monetary Fund (IMF) country classification and additional considerations such as market size and investability The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs and represents about 99 of the US REIT universe and securities are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICSreg) It however excludes Mortgage REIT and selected Specialized REITs The SampP GSCI Gold Index Is a sub-index of the SampP GSCI provides investors with reliable and publicly available benchmark tracking the COMEX gold future The index is designed to be tradable readily accessible to market participants and cost efficient to implement The MVIS CryptoCompare Bitcoin Index measures the performance of a digital assets portfolio which invests in Bitcoin The MVIS CryptoCompare Digital Assets 10 Index is a modified market cap-weighted index which tracks the performance of the 10 largest and most liquid digital assets Most demanding size and liquidity screenings are applied to potential index components to ensure investability The MVIS CryptoCompare Digital Assets 100 Small-Cap Index is a market cap-weighted index which tracks the performance of the 50 smallest digital assets in the MVIS CryptoCompare Digital Assets 100 Index

All SampP indices listed are products of SampP Dow Jones Indices LLC andor its affiliates and has been licensed for use by Van Eck Associates Corporation Copyright copy 2018 SampP Dow Jones Indices LLC a division of SampP Global Inc andor its affiliates All rights reserved Redistribution or reproduction in whole or in part are prohibited without written permission of SampP Dow Jones Indices LLC For more information on any of SampP Dow Jones Indices LLCrsquos indices please visit wwwspdjicom SampPreg is a registered trademark of SampP Global and Dow Jonesreg is a registered trademark of Dow Jones Trademark Holdings LLC Neither SampP Dow Jones Indices LLC Dow Jones Trademark Holdings LLC their affiliates nor their third party licensors make any representation or warranty express or implied as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither SampP Dow Jones Indices LLC Dow Jones Trademark Holdings LLC their affiliates nor their third party licensors shall have any liability for any errors omissions or interruptions of any index or the data included therein

Index Definitions

30

The information herein represents the opinion of the author(s) but not necessarily those of VanEck and these opinions maychange at any time and from time to time Non-VanEck proprietary information contained herein has been obtained from sourcesbelieved to be reliable but not guaranteed Not intended to be a forecast of future events a guarantee of future results orinvestment advice Historical performance is not indicative of future results Current data may differ from data quoted Any graphsshown herein are for illustrative purposes only

This is not an offer to buy or sell or a solicitation of any offer to buy or sell any of the securities financial instruments mentionedherein The information presented does not involve the rendering of personalized investment financial legal or tax advice

No part of this material may be reproduced in any form or referred to in any other publication without express written permissionof VanEck

MV Index Solutions (MVISreg) develops monitors and markets the MVIS Indices a focused selection of pure-play and investable indicesdesigned to underlie financial products They cover several asset classes including hard assets and the internal equity markets as well asfixed income markets MVIS is the index business of VanEck a US based investment management firm

All investing is subject to risk including the possible loss of the money you invest As with any investment strategy there is noguarantee that investment objectives will be met and investors may lose money Diversification does not ensure a profit or protectagainst a loss in a declining market Past performance is no guarantee of future results

Important Disclosure

31

  • Slide Number 1
  • Table of Contents
  • Bitcoin as a Potential Store of Value
  • Bitcoin and Monetary Theory
  • Monetary Value
  • Monetary Theory
  • Slide Number 7
  • Why donrsquot Institutional Investors Have Exposure to Bitcoin
  • Bitcoinrsquos Role in an Investment Portfolio
  • Stock to Flow Ratio Illustrates Bitcoin Growth Potential
  • Bitcoin Halving Illustrates Scarcity-Driven Historical Growth
  • Bitcoin Historically Outperforms Traditional Asset Classes
  • Low Correlation with Traditional Asset Classes
  • A Small Bitcoin Allocation May Improve Portfolio Upside
  • Bitcoin and Large-Caps Decouple From Small-Caps
  • Bitcoin Market Structure Risks
  • Heavy Momentum in Crypto Developments
  • Accelerating Bitcoin Adoption
  • Crypto Exchanges are Healthy Not Going Away
  • CME Bitcoin Futures Contract Sets New Trading Record
  • Bitcoin Trading is Not Concentrated
  • Bitcoin Ownership Seems Well DistributedNot Concentrated
  • Bitcoin Adoption Continues Nodes and Users
  • Bitcoin Adoption Continues On-Chain Transactions
  • Tracking Bitcoin Adoption Off-Chain
  • Sidechains Supercharge Bitcoin Capabilities
  • Lightning Network is a Significant Payments Layer on Bitcoin
  • Microsoft Secures Online Identity Using Bitcoin
  • Ten Most Liquid Digital Assets
  • Index Definitions
  • Important Disclosure
Time
21514 13573135132
21614 11486197082
21714 12023762433
21814 09083237262
21914 08271783643
22014 08237199519
22114 13236318763
22214 12930221177
22314 12611264821
22414 09485798767
22514 14575246166
22614 16287565927
22714 15207659984
22814 15563396559
3114 15709537806
3214 15647726214
3314 11646861833
3414 12628327771
3514 14964412045
3614 12042919967
3714 10977586693
3814 17916072308
3914 18867105102
31014 1780625822
31114 21281410147
31214 15110931391
31314 15371178288
31414 11361021338
31514 11403084052
31614 15840105224
31714 13833200479
31814 15472826242
31914 1516681642
32014 1399301125
32114 14218921801
32214 18374292858
32314 14921829869
32414 14922566793
32514 1449277124
32614 14471542865
32714 14321444937
32814 14093874985
32914 14225695901
33014 13730684412
33114 15060414487
4114 17452461672
4214 17543596846
4314 15669113234
4414 14782734172
4514 10922258478
4614 13965745849
4714 17456022756
4814 15680655776
4914 18529770656
41014 13857029998
41114 68545117172
41214 30187634204
41314 47043991765
41414 53337772388
41514 28970829481
41614 16931498166
41714 14104658324
41814 14768061384
41914 13463843784
42014 23195450423
42114 13404751177
42214 16605834634
42314 1208850171
42414 1321040418
42514 16630292067
42614 17075319119
42714 16664224964
42814 13582742742
42914 13261491498
43014 14905690177
5114 11730896592
5214 15286863166
5314 1481459763
5414 17223204507
5514 16011875659
5614 12198949689
5714 12436054166
5814 16434587944
5914 16259834915
51014 15891932653
51114 17210970686
51214 14441991785
51314 13984768087
51414 09878056994
51514 12996347342
51614 12037173019
51714 1358583799
51814 14538466079
51914 15593123371
52014 10198254493
52114 09535651782
52214 10658979286
52314 15718591073
52414 13741148921
52514 13362743867
52614 13328093879
52714 1459394895
52814 17164838747
52914 15805898369
53014 13981912357
53114 12983162846
6114 09791818889
6214 13072095445
6314 13094981191
6414 16093599104
6514 1478738025
6614 08896823194
6714 16309100258
6814 12921108824
6914 15044966184
61014 14376283064
61114 15549574944
61214 17288631064
61314 17115145483
61414 16832996117
61514 18722653344
61614 18343878564
61714 15814323117
61814 13173556804
61914 15252044595
62014 15407015327
62114 18102883307
62214 15419560644
62314 10986710694
62414 11540406923
62514 14081133778
62614 16845131734
62714 15495020791
62814 13486908428
62914 17327084111
63014 15380571
7114 14236153296
7214 11135298416
7314 13695654099
7414 14714255444
7514 12583533812
7614 14748249755
7714 1740057038
7814 15572067979
7914 17239725777
71014 1525610579
71114 14676324936
71214 1224417148
71314 16637514968
71414 1721394067
71514 15810737419
71614 16420351096
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61117 02283127613
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71717 0117683964
71817 01152234775
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72017 008959853
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72917 00943826972
73017 01384778234
73117 01037798751
8117 01498382724
8217 0078218761
8317 00527523076
8417 00656503499
8517 00863960052
8617 00687700906
8717 00635653338
8817 006883812
8917 00832059368
81017 00543603208
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81317 01204205516
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81617 01012406479
81717 00838649776
81817 00830143286
81917 03124334814
82017 01289929062
82117 00867008287
82217 01069427228
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82417 01027226335
82517 00557364893
82617 00863461259
82717 00607146583
82817 00382781103
82917 00407287928
83017 00714465718
83117 00465959379
9117 00543781495
9217 01194034389
9317 01076265462
9417 01799108026
9517 01392029505
9617 00798345086
9717 00680453099
9817 0116582401
9917 01006839459
91017 00919759306
91117 00967368988
91217 00667045316
91317 00928796388
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91517 01592396082
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92117 00867309302
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92417 00855528611
92517 00758180996
92617 00535813741
92717 00665023289
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93017 00516599021
10117 00548086807
10217 00429229396
10317 00477896011
10417 00441620842
10517 00377163504
10617 00357222211
10717 00348630299
10817 00343661721
10917 00495026706
101017 00477528059
101117 00513481119
101217 00555171654
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101417 00566657414
101517 00695118931
101617 00713483405
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101817 00858139178
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102017 00809667585
102117 00804994655
102217 00907078044
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102417 00791826826
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103017 0054222944
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11217 01342628864
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11817 0087972243
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111117 01409530375
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112017 00660448179
112117 00988815425
112217 00790209436
112317 00598469312
112417 00925137277
112517 00488305195
112617 01021583116
112717 01226109061
112817 00787047886
112917 01642979744
113017 01484617066
12117 01126158591
12217 01005385188
12317 0105194426
12417 00966095703
12517 00626265819
12617 00977042671
12717 01548006614
12817 02268388798
12917 01750053432
121017 01767037437
121117 01140988805
121217 01073247253
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121417 00890321124
121517 0082146209
121617 00509923361
121717 00641549113
121817 00728720295
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122017 01459305895
122117 00992021922
122217 02182422831
122317 01536158465
122417 02041879503
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122617 01250602943
122717 0101010843
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122917 0096670879
123017 01468821797
123117 01465808461
1118 0133562166
1218 01237281734
1318 00996842055
1418 00758183564
1518 00824125054
1618 00733043118
1718 00748050005
1818 01257581552
1918 01027060373
11018 01091505457
11118 01793997683
11318 00980233122
11418 00670047621
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11718 01146104509
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2618 0124447168
2718 01031600061
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2918 00743837365
21018 00872332704
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21218 00746061878
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21418 00754725721
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21618 00889518313
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21818 0066697436
21918 00621835218
22018 00638607864
22118 00683697851
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3118 00583329185
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3318 00420584268
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31018 00552959675
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31318 00507645369
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31618 00436721107
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31918 00762699486
32018 00613304797
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32218 0059189035
32318 00507021722
32418 00578028455
32518 00671668161
32618 00606252354
32718 00553357738
32818 00422126971
32918 00409532933
33018 00669448666
33118 00645559312
4118 00556418111
4218 00377861832
4318 00408145767
4418 00458372437
4518 00547584429
4618 00411866879
4718 00476427048
4818 0034775803
4918 00399706205
41018 00358796876
41118 00316013811
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41318 00441568449
41418 00470789159
41518 00462040234
41618 00421743532
41718 00369628378
41818 00377010977
41918 00303816771
42018 00323607969
42118 00628417606
42218 00540622016
42318 00398853339
42418 00346391988
42518 00417341418
42618 0035421657
42718 00347479339
42818 00411607492
42918 00427536221
43018 0037348017
5118 00377392734
5218 00360193034
5318 0028729561
5418 00346394252
5518 00399765994
5618 00460755715
5718 00361191714
5818 00331165283
5918 00280462336
51018 00274529413
51118 00318511213
51218 004124476
51318 00356115529
51418 00352361982
51518 0040888366
51618 00391293993
51718 00373369702
51818 00349872475
51918 0036977203
52018 00391918032
52118 00353758262
52218 00338199422
52318 00482954201
52418 00529828344
52518 00459358088
52618 00497166562
52718 00556988592
52818 00527060812
52918 00387370007
53018 0035594613
53118 00448772422
6118 00447739834
6218 00452383897
6318 0034281703
6418 00297235894
6518 00382098217
6618 00346626064
6718 00340175421
6818 0028733017
6918 0043312389
61018 00381714142
61118 00396925546
61218 00367721021
61318 00445420355
61418 00311875884
61518 00357396393
61618 00316141751
61718 00281284949
61818 00291547483
61918 00323326763
62018 00320830992
62118 00249754746
62218 00433141291
62318 00353808148
62418 00537738605
62518 00379488576
62618 00291877516
62718 0022169197
62818 00261648894
62918 00266801533
63018 00287091594
7118 00297440664
7218 00288775591
7318 00225287312
7418 00286920684
7518 00351774133
7618 00350636458
7718 00159005318
7818 00245638488
7918 00259271234
71018 00262819255
71118 00337518458
71218 00239792594
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 3 4059989007 21 21
10000 - 100000 115 27920455571 147 168
1000 - 10000 1857 47829664968 251 420
100 - 1000 14199 38479936713 202 622
10 - 100 134694 47043087453 247 869
10-10 585866 16378291621 86 955
01 - 1 1971924 6613595738 35 990
001 - 01 4667132 1644668550 09 999
0001 - 001 5968069 258169639 01 1000
0 - 0001 12806108 27379675 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 3 4059989007 21 21 213 (213)
9 10000 - 100000 115 27920455571 147 168 1468 (1681)
8 1000 - 10000 1857 47829664968 251 420 2514 (4195)
7 100 - 1000 14199 38479936713 202 622 2023 (6217)
6 10 - 100 134694 47043087453 247 869 2473 (869)
5 10-10 585866 16378291621 86 955 861 (9551)
4 01 - 1 1971924 6613595738 35 990 348 (9899)
3 001 - 01 4667132 1644668550 09 999 086 (9985)
2 0001 - 001 5968069 258169639 01 1000 014 (9999)
1 0 - 0001 12806108 27379675 00 1000 001 (100)
Balance Addresses Addresses (Total) Coins $USD Coins (Total)
10 [100000 - 1000000) 3 0 (0) 379653 BTC 4059989007 213 (213)
9 [10000 - 100000) 115 0 (0) 2610868 BTC 27920455571 1468 (1681)
8 [1000 - 10000) 1857 001 (001) 4472596 BTC 47829664968 2514 (4195)
7 [100 - 1000) 14199 005 (006) 3598295 BTC 38479936713 2023 (6217)
6 [10 - 100) 134694 052 (058) 4399043 BTC 47043087453 2473 (869)
5 [1 - 10) 585866 224 (282) 1531549 BTC 16378291621 861 (9551)
4 [01 - 1) 1971924 754 (1036) 618443 BTC 6613595738 348 (9899)
3 [001 - 01) 4667132 1785 (2821) 153794 BTC 1644668550 086 (9985)
2 [0001 - 001) 5968069 2282 (5103) 24142 BTC 258169639 014 (9999)
1 (0 - 0001) 12806108 4897 (100) 2560 BTC 27379675 001 (100)
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 5 2218916942 33 33
10000 - 100000 101 8711437680 128 160
1000 - 10000 1772 17033928871 250 410
100 - 1000 14624 14338235582 210 620
10 - 100 134783 17095952090 251 871
10-10 577555 5881026979 86 957
01 - 1 1862119 2299202599 34 991
001 - 01 4256030 543244472 08 999
0001 - 001 5272740 83467180 01 1000
0 - 0001 11368643 8868027 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 5 2218916942 33 33 325 (325)
9 10000 - 100000 101 8711437680 128 160 1277 (1602)
8 1000 - 10000 1772 17033928871 250 410 2497 (4099)
7 100 - 1000 14624 14338235582 210 620 2102 (6201)
6 10 - 100 134783 17095952090 251 871 2506 (8708)
5 10-10 577555 5881026979 86 957 862 (957)
4 01 - 1 1862119 2299202599 34 991 337 (9907)
3 001 - 01 4256030 543244472 08 999 08 (9986)
2 0001 - 001 5272740 83467180 01 1000 012 (9999)
1 0 - 0001 11368643 8868027 00 1000 001 (100)
Time
21514 13573135132
21614 11486197082
21714 12023762433
21814 09083237262
21914 08271783643
22014 08237199519
22114 13236318763
22214 12930221177
22314 12611264821
22414 09485798767
22514 14575246166
22614 16287565927
22714 15207659984
22814 15563396559
3114 15709537806
3214 15647726214
3314 11646861833
3414 12628327771
3514 14964412045
3614 12042919967
3714 10977586693
3814 17916072308
3914 18867105102
31014 1780625822
31114 21281410147
31214 15110931391
31314 15371178288
31414 11361021338
31514 11403084052
31614 15840105224
31714 13833200479
31814 15472826242
31914 1516681642
32014 1399301125
32114 14218921801
32214 18374292858
32314 14921829869
32414 14922566793
32514 1449277124
32614 14471542865
32714 14321444937
32814 14093874985
32914 14225695901
33014 13730684412
33114 15060414487
4114 17452461672
4214 17543596846
4314 15669113234
4414 14782734172
4514 10922258478
4614 13965745849
4714 17456022756
4814 15680655776
4914 18529770656
41014 13857029998
41114 68545117172
41214 30187634204
41314 47043991765
41414 53337772388
41514 28970829481
41614 16931498166
41714 14104658324
41814 14768061384
41914 13463843784
42014 23195450423
42114 13404751177
42214 16605834634
42314 1208850171
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42614 17075319119
42714 16664224964
42814 13582742742
42914 13261491498
43014 14905690177
5114 11730896592
5214 15286863166
5314 1481459763
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5614 12198949689
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5814 16434587944
5914 16259834915
51014 15891932653
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51614 12037173019
51714 1358583799
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51914 15593123371
52014 10198254493
52114 09535651782
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52314 15718591073
52414 13741148921
52514 13362743867
52614 13328093879
52714 1459394895
52814 17164838747
52914 15805898369
53014 13981912357
53114 12983162846
6114 09791818889
6214 13072095445
6314 13094981191
6414 16093599104
6514 1478738025
6614 08896823194
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6814 12921108824
6914 15044966184
61014 14376283064
61114 15549574944
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61514 18722653344
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61714 15814323117
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62114 18102883307
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63014 15380571
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7214 11135298416
7314 13695654099
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7514 12583533812
7614 14748249755
7714 1740057038
7814 15572067979
7914 17239725777
71014 1525610579
71114 14676324936
71214 1224417148
71314 16637514968
71414 1721394067
71514 15810737419
71614 16420351096
71714 16469020911
71814 15179236952
71914 1380043673
72014 17606479081
72114 17840109324
72214 17674118021
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72414 13875676253
72514 15571546003
72614 138063204
72714 10300744408
72814 16419321464
72914 18823004639
73014 18450903336
73114 17207911031
8114 19004792333
8214 17766871883
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8414 1799004606
8514 14479327734
8614 08957189308
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8814 17488227385
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81214 17344201465
81314 35241359815
81414 59131834806
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81614 5619870069
81714 62148160512
81814 52248468296
81914 55639478555
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82114 70591830506
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82414 66438727059
82514 47587332568
82614 5632089446
82714 5543440302
82814 56704514625
82914 56484790068
83014 56293219536
83114 42982063677
9114 82561088703
9214 99861866286
9314 94214297249
9414 91945192783
9514 92460951358
9614 84450356831
9714 49754511745
9814 8421380893
9914 65894483673
91014 50343675077
91114 44769002608
91214 20747268353
91314 36598303663
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3417 02907192767
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3717 02739613642
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3917 03870495109
31017 04075801097
31117 03357170559
31217 03843540496
31317 03637920964
31417 02610820228
31517 02604440205
31617 04658358921
31717 07668345611
31817 06053762243
31917 056454657
32017 04962950879
32117 03302252299
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32317 04131921925
32417 03712575559
32517 04259957712
32617 0398819556
32717 03114106619
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42517 017765098
42617 01608564731
42717 02697570855
42817 0346775178
42917 03651270468
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5117 02722881982
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5517 02506387119
5617 02108554772
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5817 02289329572
5917 01686842691
51017 01827628835
51117 01601670798
51217 01798004748
51317 01996823772
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51517 02124301135
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51817 01868246151
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52017 01736053004
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52317 01985853084
52417 01870272043
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52617 03391258642
52717 03200220997
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52917 01803735102
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53117 01839943314
6117 01615706993
6217 01388735052
6317 01239769348
6417 01603497452
6517 01554369093
6617 01557748085
6717 01705165924
6817 01320834569
6917 00969395332
61017 01182578344
61117 02283127613
61217 02081464627
61317 01577833953
61417 01542153849
61517 01732658826
61617 01671219039
61717 01731672317
61817 01449662544
61917 01729482742
62017 01266743639
62117 01371495593
62217 01847190436
62317 01256281092
62417 01594567541
62517 01647673129
62617 01498748587
62717 01238121022
62817 01072298009
62917 00981665529
63017 00963632502
7117 01385025716
7217 01473738592
7317 01309372122
7417 01093536107
7517 01004082807
7617 00888403199
7717 0087783522
7817 0107620873
7917 0105474151
71017 0091732126
71117 00931302067
71217 00891738399
71317 00624019243
71417 00824218284
71517 01228359851
71617 01399988807
71717 0117683964
71817 01152234775
71917 00938667645
72017 008959853
72117 01053605848
72217 00844350873
72317 00842581678
72417 00649035125
72517 00960367067
72617 01122000651
72717 00928476512
72817 00972957553
72917 00943826972
73017 01384778234
73117 01037798751
8117 01498382724
8217 0078218761
8317 00527523076
8417 00656503499
8517 00863960052
8617 00687700906
8717 00635653338
8817 006883812
8917 00832059368
81017 00543603208
81117 00561471175
81217 00930131239
81317 01204205516
81417 00942669782
81517 01231201028
81617 01012406479
81717 00838649776
81817 00830143286
81917 03124334814
82017 01289929062
82117 00867008287
82217 01069427228
82317 00735714408
82417 01027226335
82517 00557364893
82617 00863461259
82717 00607146583
82817 00382781103
82917 00407287928
83017 00714465718
83117 00465959379
9117 00543781495
9217 01194034389
9317 01076265462
9417 01799108026
9517 01392029505
9617 00798345086
9717 00680453099
9817 0116582401
9917 01006839459
91017 00919759306
91117 00967368988
91217 00667045316
91317 00928796388
91417 01050487074
91517 01592396082
91617 01347408433
91717 00786004579
91817 00713478021
91917 00662511507
92017 00649959454
92117 00867309302
92217 00799024996
92317 00657687906
92417 00855528611
92517 00758180996
92617 00535813741
92717 00665023289
92817 00665454418
92917 00795943411
93017 00516599021
10117 00548086807
10217 00429229396
10317 00477896011
10417 00441620842
10517 00377163504
10617 00357222211
10717 00348630299
10817 00343661721
10917 00495026706
101017 00477528059
101117 00513481119
101217 00555171654
101317 00850766132
101417 00566657414
101517 00695118931
101617 00713483405
101717 0061416954
101817 00858139178
101917 00659537668
102017 00809667585
102117 00804994655
102217 00907078044
102317 00746050614
102417 00791826826
102517 00707800902
102617 0063468268
102717 00647251408
102817 00485642443
102917 00618967479
103017 0054222944
103117 00466990155
11117 00558653562
11217 01342628864
11317 01094929239
11417 00923751207
11517 00905421427
11617 01051647621
11717 00980729559
11817 0087972243
11917 00504626306
111017 01010195504
111117 01409530375
111217 0158170973
111317 01098782874
111417 00917994414
111517 00795193476
111617 00740365756
111717 01025573749
111817 00971772863
111917 00584404864
112017 00660448179
112117 00988815425
112217 00790209436
112317 00598469312
112417 00925137277
112517 00488305195
112617 01021583116
112717 01226109061
112817 00787047886
112917 01642979744
113017 01484617066
12117 01126158591
12217 01005385188
12317 0105194426
12417 00966095703
12517 00626265819
12617 00977042671
12717 01548006614
12817 02268388798
12917 01750053432
121017 01767037437
121117 01140988805
121217 01073247253
121317 01187548583
121417 00890321124
121517 0082146209
121617 00509923361
121717 00641549113
121817 00728720295
121917 00657661854
122017 01459305895
122117 00992021922
122217 02182422831
122317 01536158465
122417 02041879503
122517 01512179481
122617 01250602943
122717 0101010843
122817 01256435796
122917 0096670879
123017 01468821797
123117 01465808461
1118 0133562166
1218 01237281734
1318 00996842055
1418 00758183564
1518 00824125054
1618 00733043118
1718 00748050005
1818 01257581552
1918 01027060373
11018 01091505457
11118 01793997683
11318 00980233122
11418 00670047621
11518 00705465096
11618 00996086016
11718 01146104509
11818 01139866016
11918 01128178046
12018 00794280936
12118 01026508308
12218 00990801209
12318 00961573406
12418 00849160439
12518 00735197513
12618 00688645188
12718 00780525203
12818 00647386449
12918 00656572523
13018 00694067312
13118 00831160465
2118 00748791917
2218 00824894164
2318 00837097098
2418 00870495552
2518 0115292099
2618 0124447168
2718 01031600061
2818 00921954112
2918 00743837365
21018 00872332704
21118 00882768674
21218 00746061878
21318 00869579704
21418 00754725721
21518 00846794901
21618 00889518313
21718 00627979535
21818 0066697436
21918 00621835218
22018 00638607864
22118 00683697851
22218 00722371945
22318 0080014597
22418 00813623941
22518 00826552705
22618 00689809559
22718 00698639545
22818 00618742592
3118 00583329185
3218 00725413541
3318 00420584268
3418 004413967
3518 00293976833
3618 00406413604
3718 00540783928
3818 00634293233
3918 00715150782
31018 00552959675
31118 00677259641
31218 00509060517
31318 00507645369
31418 0054966153
31518 00453039063
31618 00436721107
31718 00478099735
31818 00837844055
31918 00762699486
32018 00613304797
32118 00598011169
32218 0059189035
32318 00507021722
32418 00578028455
32518 00671668161
32618 00606252354
32718 00553357738
32818 00422126971
32918 00409532933
33018 00669448666
33118 00645559312
4118 00556418111
4218 00377861832
4318 00408145767
4418 00458372437
4518 00547584429
4618 00411866879
4718 00476427048
4818 0034775803
4918 00399706205
41018 00358796876
41118 00316013811
41218 00446811614
41318 00441568449
41418 00470789159
41518 00462040234
41618 00421743532
41718 00369628378
41818 00377010977
41918 00303816771
42018 00323607969
42118 00628417606
42218 00540622016
42318 00398853339
42418 00346391988
42518 00417341418
42618 0035421657
42718 00347479339
42818 00411607492
42918 00427536221
43018 0037348017
5118 00377392734
5218 00360193034
5318 0028729561
5418 00346394252
5518 00399765994
5618 00460755715
5718 00361191714
5818 00331165283
5918 00280462336
51018 00274529413
51118 00318511213
51218 004124476
51318 00356115529
51418 00352361982
51518 0040888366
51618 00391293993
51718 00373369702
51818 00349872475
51918 0036977203
52018 00391918032
52118 00353758262
52218 00338199422
52318 00482954201
52418 00529828344
52518 00459358088
52618 00497166562
52718 00556988592
52818 00527060812
52918 00387370007
53018 0035594613
53118 00448772422
6118 00447739834
6218 00452383897
6318 0034281703
6418 00297235894
6518 00382098217
6618 00346626064
6718 00340175421
6818 0028733017
6918 0043312389
61018 00381714142
61118 00396925546
61218 00367721021
61318 00445420355
61418 00311875884
61518 00357396393
61618 00316141751
61718 00281284949
61818 00291547483
61918 00323326763
62018 00320830992
62118 00249754746
62218 00433141291
62318 00353808148
62418 00537738605
62518 00379488576
62618 00291877516
62718 0022169197
62818 00261648894
62918 00266801533
63018 00287091594
7118 00297440664
7218 00288775591
7318 00225287312
7418 00286920684
7518 00351774133
7618 00350636458
7718 00159005318
7818 00245638488
7918 00259271234
71018 00262819255
71118 00337518458
71218 00239792594
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 3 4059989007 21 21
10000 - 100000 115 27920455571 147 168
1000 - 10000 1857 47829664968 251 420
100 - 1000 14199 38479936713 202 622
10 - 100 134694 47043087453 247 869
10-10 585866 16378291621 86 955
01 - 1 1971924 6613595738 35 990
001 - 01 4667132 1644668550 09 999
0001 - 001 5968069 258169639 01 1000
0 - 0001 12806108 27379675 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 3 4059989007 21 21 213 (213)
9 10000 - 100000 115 27920455571 147 168 1468 (1681)
8 1000 - 10000 1857 47829664968 251 420 2514 (4195)
7 100 - 1000 14199 38479936713 202 622 2023 (6217)
6 10 - 100 134694 47043087453 247 869 2473 (869)
5 10-10 585866 16378291621 86 955 861 (9551)
4 01 - 1 1971924 6613595738 35 990 348 (9899)
3 001 - 01 4667132 1644668550 09 999 086 (9985)
2 0001 - 001 5968069 258169639 01 1000 014 (9999)
1 0 - 0001 12806108 27379675 00 1000 001 (100)
Balance Addresses Addresses (Total) Coins $USD Coins (Total)
10 [100000 - 1000000) 3 0 (0) 379653 BTC 4059989007 213 (213)
9 [10000 - 100000) 115 0 (0) 2610868 BTC 27920455571 1468 (1681)
8 [1000 - 10000) 1857 001 (001) 4472596 BTC 47829664968 2514 (4195)
7 [100 - 1000) 14199 005 (006) 3598295 BTC 38479936713 2023 (6217)
6 [10 - 100) 134694 052 (058) 4399043 BTC 47043087453 2473 (869)
5 [1 - 10) 585866 224 (282) 1531549 BTC 16378291621 861 (9551)
4 [01 - 1) 1971924 754 (1036) 618443 BTC 6613595738 348 (9899)
3 [001 - 01) 4667132 1785 (2821) 153794 BTC 1644668550 086 (9985)
2 [0001 - 001) 5968069 2282 (5103) 24142 BTC 258169639 014 (9999)
1 (0 - 0001) 12806108 4897 (100) 2560 BTC 27379675 001 (100)
data from httpsbitinfochartscomtop-100-richest-bitcoin-addresses
data as of 3132019
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned
100000 - 1000000 5 2218916942 33 33
10000 - 100000 101 8711437680 128 160
1000 - 10000 1772 17033928871 250 410
100 - 1000 14624 14338235582 210 620
10 - 100 134783 17095952090 251 871
10-10 577555 5881026979 86 957
01 - 1 1862119 2299202599 34 991
001 - 01 4256030 543244472 08 999
0001 - 001 5272740 83467180 01 1000
0 - 0001 11368643 8868027 00 1000
Bitcoin distribution
Amount BTC Owned Number of Wallets Amount USD Owned Total Owned Cumultative Owned Coins (Total)
10 100000 - 1000000 5 2218916942 33 33 325 (325)
9 10000 - 100000 101 8711437680 128 160 1277 (1602)
8 1000 - 10000 1772 17033928871 250 410 2497 (4099)
7 100 - 1000 14624 14338235582 210 620 2102 (6201)
6 10 - 100 134783 17095952090 251 871 2506 (8708)
5 10-10 577555 5881026979 86 957 862 (957)
4 01 - 1 1862119 2299202599 34 991 337 (9907)
3 001 - 01 4256030 543244472 08 999 08 (9986)
2 0001 - 001 5272740 83467180 01 1000 012 (9999)
1 0 - 0001 11368643 8868027 00 1000 001 (100)
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x Others bitFlyer Bithumb Gemini Itbit
1915 1655 1513 1280 1037 702 694 638 324 242
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 280M 1915 Coinbase 280M 1915
Bitfinex 242M 1655 Bitfinex 242M 1655
Kraken 221M 1513 Kraken 221M 1513
Bitstamp 187M 1280 Bitstamp 187M 1280
Bit-X 152M 1037 Bit-X 152M 1037
Others 103M 702 Others 103M 702
bitFlyer 102M 694 bitFlyer 102M 694
Bithumb 934K 638 Bithumb 934K 638
Gemini 475K 324 Gemini 475K 324
Itbit 345K 242 Itbit 345K 242
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x Others bitFlyer Bithumb Gemini Itbit
1915 1655 1513 1280 1037 702 694 638 324 242
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 280M 1915 Coinbase 280M 1915
Bitfinex 242M 1655 Bitfinex 242M 1655
Kraken 221M 1513 Kraken 221M 1513
Bitstamp 187M 1280 Bitstamp 187M 1280
Bit-X 152M 1037 Bit-X 152M 1037
Others 103M 702 Others 103M 702
bitFlyer 102M 694 bitFlyer 102M 694
Bithumb 934K 638 Bithumb 934K 638
Gemini 475K 324 Gemini 475K 324
Itbit 345K 242 Itbit 345K 242
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Bitfinex Coinbase Bitflyer Kraken Bitstamp Others Hitbtc Gemini Bit-X Itbit
3017 1338 1242 1160 1137 641 482 402 327 255
Exchange Volume (BTC) Market Share
Bitfinex 781m 3017
Coinbase 347m 1338
Bitflyer 322m 1242
Kraken 300m 1160
Bitstamp 295m 1137
Others 166m 641
Hitbtc 125m 482
Gemini 104m 402
Bit-X 848k 327
Itbit 661k 255
bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc Korbit kraken others
240 3229 1227 1090 1499 474 330 251 927 733
Exchange Volume (BTC) Market Share
Bitfinex 109m 3229
Coinbase 507m 1499
Bitflyer 115m 1227
Bitstamp 369m 1090
Kraken 314m 927
Others 248m 733
Gemini 160m 474
Hitbtc 112m 330
Korbit 849k 251
Bit-x 813k 240
Time Coinbase Bitfinex Kraken Bitstamp Bit-x bitFlyer Bithumb Others Gemini BitBay
2240 1507 1500 1190 1168 779 669 462 248 237
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Coinbase 783K 2240 Coinbase 783K 2240
Bitfinex 527K 1507 Bitfinex 527K 1507
Kraken 524K 1500 Kraken 524K 1500
Bitstamp 416K 1190 Bitstamp 416K 1190
Bit-X 409K 1168 Bit-X 409K 1168
bitFlyer 272K 779 bitFlyer 272K 779
Bithumb 234K 669 Bithumb 234K 669
Others 162K 462 Others 162K 462
Gemini 87K 248 Gemini 87K 248
BitBay 83K 237 BitBay 83K 237
Time Bitfinex Bit-x Coinbase Kraken Bitstamp Bitflyer Others Itbit Gemini Bitbay
2212 1828 1363 1266 1047 741 569 441 384 149
Exchange Volume (BTC) Market Share
Bitfinex 356m 2212
Bitfinex 2212 Bit-x 294m 1828
Bit-x 1828 Coinbase 220m 1363
Coinbase 1363 Kraken 204m 1266
Kraken 1266 Bitstamp 169m 1047
Bitstamp 1047 Bitflyer 119m 741
Bitflyer 741 Others 917k 569
Others 569 Itbit 710k 441
Itbit 441 Gemini 619k 384
Gemini 384 Bitbay 239k 149
Bitbay 149
Time Bitfinex Coinbase Kraken Bitstamp Bit-X Bitflyer Others Gemini Itbit Bitbay
2027 1745 1534 1466 1048 695 565 400 308 212
Exchange Volume (BTC) Market Share
2027 Bitfinex 352k 2027
1745 Coinbase 303k 1745
1534 Kraken 266k 1534
1466 Bitstamp 255k 1466
1048 Bit-X 182k 1048
695 Bitflyer 121k 695
565 Others 982k 565
400 Gemini 695k 400
308 Itbit 534k 308
213 Bitbay 370k 212
Time Bitfinex Bitstamp Coinbase Kraken Hitbtc Bitflyer Others Bit-X Itbit Gemini
2783 1101 1086 1062 1037 902 676 566 405 382
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 683k 2783
Kraken 774K 1368 Bitstamp 270k 1101
Coinbase 745K 1317 Coinbase 266k 1086
Bitflyer 714K 1263 Kraken 261k 1062
Bitstamp 626K 1107 Hitbtc 254k 1037
Others 328K 580 Bitflyer 221k 902
Gemini 224K 397 Others 166k 676
Hitbtc 193K 342 Bit-X 139k 566
Bit-x 151K 267 Itbit 995k 405
Itbit 101K 178 Gemini 937k 382
Time bit-x bitfinex bitflyer bitstamp coinbase gemini hitbtc itbit kraken others
267 3181 1263 1107 1317 397 342 178 1368 580
Exchange Volume (BTC) Market Share Exchange Volume (BTC) Market Share
Bitfinex 180M 3181 Bitfinex 180m 3181
Kraken 774K 1368 Kraken 774k 1368
Coinbase 745K 1317 Coinbase 745k 1317
Bitflyer 714K 1263 Bitflyer 714k 1263
Bitstamp 626K 1107 Bitstamp 626k 1107
Others 328K 580 Others 328k 580
Gemini 224K 397 Gemini 224k 397
Hitbtc 193K 342 Hitbtc 193k 342
Bit-x 151K 267 Bit-x 151k 267
Itbit 101K 178 Itbit 101k 178
Investment Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currencies
1 SampP 500 TR (1989) SampP 500 - -028 001 -004 059 032 029
2 BBgBarc US Agg Bond TR USD US Bonds -028 - 003 026 012 -017 009
3 MVIS CryptoCompare Bitcoin PR USD Bitcoin 001 003 - 003 004 -005 -001
4 SampP GSCI Gold Spot Gold -004 026 003 - 007 009 031
5 MSCI US REIT PR USD US Real Estate 059 012 004 007 - 012 027
6 Oil Price Brent Crude PR Oil 032 -017 -005 009 012 - 026
7 BBgBarc EM Local Currency Govt TR USD Emerging Market Currencies 029 010 -001 031 027 023 -
Correlation 212012 to 7312019 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currencies
SampP 500 - -028 001 033 063 -004 029
US Bonds -028 - 003 -020 011 027 009
Bitcoin 001 003 - -005 004 003 -001
Gold 033 -020 -005 - 016 011 027
US Real Estate 063 011 004 016 - 007 029
Oil -004 027 003 011 007 - 031
Emerging Market Currencies 029 009 -001 027 029 031 -
1 Month 3 Months YTD 1 Year 3 Years 5 Years
MVIS CryptoCompare Bitcoin PR USD Bitcoin -1083 8640 15839 2892 16730 8232
SampP 500 TR (1989) SampP 500 144 169 2024 799 1336 1134
BBgBarc US Agg Bond TR USD US Bonds 022 328 635 808 217 305
DJ Cmmdty Gold PR USD Gold 170 1183 1221 1655 193 231
MSCI ACWI PR USD ACWI 017 -009 1507 087 801 439
Date 60-40 Blend 60-40 Blend w 50 BPS 60-40 Blend w 100 BPS 60-40 Blend w 300 BPS SampP 500 Bloomberg Barclays US Agg Return Std Dev Alpha Beta R2 Sharpe Ratio (arith) Up Capture Ratio Down Capture Ratio
January-12 0 0 0 0 0 0 60eqty-40bond 947 668 095 059 9717 132 6334 5623
February-12 1 1 1 2 3 -0 60eqty-40bond 05 crypto 1044 685 172 060 9520 143 6713 5603
February-12 1 1 1 1 2 -0 60eqty-40bond 1 crypto 1140 716 250 061 8989 150 7087 5583
February-12 2 2 2 1 4 -0 60eqty-40bond 3 crypto 1523 939 559 065 5882 155 8550 5509
February-12 2 2 2 2 4 -0 SampP 500 TR (1989) 1392 1117 000 100 10000 119 10000 10000
March-12 3 3 3 2 5 0 BBgBarc US Agg Bond TR USD 268 285 238 -003 114 071 789 -862
March-12 3 3 3 2 5 -0 SampP 500 TR (1989) 1392 1117 000 100 10000 119 10000 10000 Cumulative Return Annualized Return Volatility Beta
March-12 4 4 4 4 7 -1 SampP 500 16569 1392 1117 100
March-12 4 4 4 3 7 -1 Bloomberg Barclays US Agg 2191 268 285 -003
March-12 4 4 4 4 8 -1 60-40 Blend 9715 947 668 059
April-12 4 4 4 4 7 -0 60-40 Blend w 50 BPS 11056 1044 685 060
April-12 3 3 3 3 5 0 60-40 Blend w 100 BPS 12471 1140 716 061
April-12 3 3 3 3 6 0 60-40 Blend w 300 BPS 18949 1523 939 065
April-12 5 5 5 4 7 0
May-12 3 3 3 3 5 1
May-12 3 3 3 2 4 1
May-12 0 0 0 -0 -1 1
May-12 1 1 1 1 1 1 Capital Markets
June-12 -0 -0 -0 -0 -2 2
June-12 2 2 2 2 2 1 Function entity Stocks bonds etc Bitcoin and other digital assets
June-12 3 3 3 3 3 1 Custodians
June-12 2 2 2 3 3 1 Prime brokers
June-12 4 4 4 4 5 1 Clearing entities
July-12 3 4 4 4 4 2 Settlement entities
July-12 4 4 4 5 4 2 Transfer agents
July-12 4 5 5 6 5 3
July-12 5 5 6 7 7 3
August-12 5 6 6 8 7 3
August-12 6 7 7 9 8 3
August-12 7 7 7 9 9 2
August-12 6 7 7 9 9 2
September-12 6 7 7 9 9 3
September-12 8 8 9 10 11 3
September-12 9 9 10 12 13 2
September-12 9 9 10 12 13 3
September-12 8 9 9 11 11 3
October-12 9 10 10 12 13 3
October-12 8 8 9 10 11 3
October-12 8 8 9 11 11 3
October-12 7 7 8 9 9 3
November-12 7 7 8 9 10 3
November-12 6 6 7 8 7 3
November-12 5 5 6 8 6 3
November-12 7 7 8 10 9 3
December-12 7 8 8 10 10 3
December-12 8 8 9 11 10 3
December-12 7 8 8 11 10 3
December-12 8 9 9 11 11 3
December-12 7 8 8 10 9 3
January-13 10 10 11 13 14 3
January-13 10 11 11 13 15 3
January-13 11 11 12 14 16 3
January-13 11 12 13 16 17 3
February-13 12 12 13 16 18 3
February-13 12 13 14 17 18 3
February-13 12 13 14 18 19 3
February-13 12 13 14 19 18 3
March-13 12 14 15 20 19 3
March-13 14 15 16 22 21 3
March-13 14 16 17 23 22 3
March-13 14 16 18 25 22 3
March-13 15 17 19 28 23 3
April-13 14 17 19 30 22 4
April-13 16 18 20 30 24 4
April-13 15 17 19 30 22 4
April-13 16 18 21 31 24 4
May-13 17 20 22 32 27 4
May-13 18 20 23 33 28 4
May-13 19 22 24 35 31 3
May-13 18 21 24 34 30 3
June-13 17 20 22 33 28 2
June-13 18 20 23 33 29 2
June-13 17 20 22 32 28 2
June-13 15 17 20 29 25 0
June-13 16 18 20 30 26 1
July-13 16 18 21 30 28 -0
July-13 19 21 24 33 32 1
July-13 20 22 24 34 33 1
July-13 20 22 24 34 33 1
August-13 20 23 25 35 35 1
August-13 20 22 25 35 33 1
August-13 18 20 23 33 31 -0
August-13 18 21 23 33 31 -0
August-13 17 20 22 33 29 0
September-13 18 20 23 33 31 -0
September-13 19 22 24 35 33 -0
September-13 21 23 26 37 35 1
September-13 20 23 25 37 34 1
October-13 20 23 25 36 34 1
October-13 21 23 26 37 35 1
October-13 23 25 28 41 38 2
October-13 23 26 29 42 39 2
November-13 23 26 29 42 40 2
November-13 24 27 31 46 40 1
November-13 25 29 33 49 43 2
November-13 25 30 35 57 43 2
November-13 25 31 38 65 43 2
December-13 25 31 37 62 43 1
December-13 24 30 36 62 41 1
December-13 26 32 37 63 45 2
December-13 27 32 38 64 46 1
January-14 26 32 38 65 46 1
January-14 27 33 39 66 47 2
January-14 27 33 39 66 46 2
January-14 25 31 37 64 42 2
February-14 25 31 37 63 42 3
February-14 26 32 37 63 43 3
February-14 28 33 39 64 47 3
February-14 28 33 39 63 46 3
March-14 29 35 41 66 48 3
March-14 29 35 41 67 50 3
March-14 28 34 40 66 47 3
March-14 29 35 41 66 49 3
March-14 29 34 40 65 48 3
April-14 29 35 41 66 49 3
April-14 27 33 39 63 45 4
April-14 29 35 41 66 49 3
April-14 29 35 41 66 49 4
May-14 30 36 42 67 51 4
May-14 30 36 42 67 50 4
May-14 31 36 42 67 51 5
May-14 32 37 44 69 52 5
May-14 33 39 45 72 54 5
June-14 34 40 46 73 56 5
June-14 33 39 45 72 55 5
June-14 34 40 47 74 58 5
June-14 34 41 47 74 58 5
July-14 35 41 48 75 60 5
July-14 35 41 47 75 58 5
July-14 35 41 48 75 59 5
July-14 35 42 48 75 59 5
August-14 33 39 45 72 55 5
August-14 34 40 46 73 55 5
August-14 35 41 47 74 57 6
August-14 36 42 48 75 60 6
August-14 37 43 49 76 62 6
September-14 37 43 49 76 62 6
September-14 36 42 48 75 60 5
September-14 37 43 49 75 62 5
September-14 36 42 48 74 60 5
October-14 36 41 47 73 59 6
October-14 33 39 45 70 54 6
October-14 33 39 45 70 52 7
October-14 36 42 48 73 59 7
November-14 38 44 50 75 63 6
November-14 39 45 51 77 64 6
November-14 39 45 51 78 65 6
November-14 40 46 52 79 67 7
November-14 41 47 53 80 68 7
December-14 41 47 53 80 68 7
December-14 38 44 50 76 62 7
December-14 41 47 53 79 68 7
December-14 41 47 54 80 69 7
January-15 41 46 52 78 67 8
January-15 40 46 52 78 66 8
January-15 40 45 51 75 64 9
January-15 41 47 53 78 67 9
January-15 39 45 51 75 62 10
February-15 41 47 53 78 67 8
February-15 43 49 55 81 71 8
February-15 43 49 55 81 72 8
February-15 43 49 55 81 71 8
March-15 42 47 54 79 69 7
March-15 41 47 53 79 67 8
March-15 44 50 56 82 72 9
March-15 42 48 54 79 68 9
April-15 43 48 54 80 69 9
April-15 44 50 56 81 72 9
April-15 43 49 55 80 70 10
April-15 45 50 56 82 73 9
May-15 44 50 56 81 72 8
May-15 44 50 56 82 73 8
May-15 44 50 56 82 74 8
May-15 44 50 56 82 74 8
May-15 44 50 56 81 73 8
June-15 43 48 54 80 71 7
June-15 43 49 55 80 72 7
June-15 44 50 56 81 73 7
June-15 43 49 55 80 72 6
July-15 42 48 54 80 70 7
July-15 42 48 54 80 70 7
July-15 44 50 57 83 75 7
July-15 43 49 55 81 71 8
August-15 44 50 56 82 73 8
August-15 43 49 55 81 71 8
August-15 43 49 55 81 72 8
August-15 39 44 50 75 62 8
August-15 39 45 51 76 64 8
September-15 37 42 48 72 58 8
September-15 38 44 50 75 62 8
September-15 38 44 50 75 61 8
September-15 37 43 48 73 59 8
October-15 38 44 50 75 61 9
October-15 41 47 53 78 66 9
October-15 42 48 54 80 68 9
October-15 44 50 56 82 71 9
October-15 44 50 56 83 72 8
November-15 44 50 57 85 73 8
November-15 41 47 53 80 67 8
November-15 44 50 57 84 73 8
November-15 44 50 57 84 73 8
December-15 44 51 57 85 73 8
December-15 41 48 54 82 67 9
December-15 41 47 54 82 66 8
December-15 43 49 56 84 71 8
January-16 42 49 55 83 69 8
January-16 38 44 50 78 59 9
January-16 36 42 48 75 56 9
January-16 37 43 49 76 58 9
January-16 39 45 51 78 61 9
February-16 36 42 49 75 56 10
February-16 36 42 48 75 55 10
February-16 38 45 51 78 60 10
February-16 40 46 52 80 62 10
March-16 42 48 55 82 66 10
March-16 43 49 56 84 68 10
March-16 44 51 57 86 71 10
March-16 44 50 57 85 70 10
April-16 46 52 59 88 73 11
April-16 45 51 58 87 71 11
April-16 46 53 60 89 74 12
April-16 47 53 60 89 75 11
April-16 46 52 59 88 72 12
May-16 46 52 59 88 72 12
May-16 45 52 59 88 71 12
May-16 45 52 59 87 72 11
May-16 47 54 61 91 76 12
June-16 48 55 62 92 76 12
June-16 48 55 62 92 75 13
June-16 47 54 61 93 74 13
June-16 46 53 60 90 71 13
July-16 49 56 63 95 76 14
July-16 51 58 65 96 79 14
July-16 51 59 66 98 81 14
July-16 52 59 67 98 82 14
July-16 52 60 67 99 82 14
August-16 53 60 67 98 83 14
August-16 53 60 67 99 84 14
August-16 53 60 67 99 84 14
August-16 52 59 66 98 82 14
September-16 53 60 67 99 83 14
September-16 50 57 65 96 79 14
September-16 51 58 65 96 80 13
September-16 52 59 67 98 82 14
October-16 52 60 67 98 83 14
October-16 52 59 66 97 82 14
October-16 51 58 65 96 80 13
October-16 51 58 66 97 81 14
October-16 50 57 65 97 79 13
November-16 49 56 63 95 76 13
November-16 51 58 66 98 83 12
November-16 51 59 66 98 84 11
November-16 53 60 67 100 87 10
December-16 52 59 67 99 85 10
December-16 55 62 70 103 91 10
December-16 54 62 69 102 91 9
December-16 55 62 70 104 92 10
December-16 54 62 69 104 90 11
January-17 56 63 71 105 93 11
January-17 56 63 71 105 93 11
January-17 56 63 71 105 93 11
January-17 57 64 72 106 95 11
February-17 57 64 72 107 95 11
February-17 58 66 74 109 97 11
February-17 59 67 75 111 100 11
February-17 60 68 77 113 101 12
March-17 61 69 77 114 103 11
March-17 60 68 76 112 102 10
March-17 60 68 76 112 102 11
March-17 59 67 75 111 100 12
April-17 60 68 76 112 101 12
April-17 60 68 76 113 101 12
April-17 59 67 76 112 98 13
April-17 60 68 77 113 100 13
April-17 62 70 78 116 103 12
May-17 62 71 79 117 105 12
May-17 62 71 79 118 104 12
May-17 62 71 80 120 103 13
May-17 63 72 81 121 106 13
June-17 65 74 83 125 108 14
June-17 64 74 83 126 108 13
June-17 65 74 83 125 108 14
June-17 65 74 84 126 109 14
July-17 64 73 82 124 107 13
July-17 64 73 82 124 108 13
July-17 66 75 84 125 111 13
July-17 67 76 86 128 112 14
July-17 66 76 85 128 112 14
August-17 67 76 86 131 112 14
August-17 66 75 85 131 109 14
August-17 65 75 85 130 108 14
August-17 66 76 86 132 110 14
September-17 67 77 88 135 113 15
September-17 67 77 88 134 112 15
September-17 68 78 89 135 115 14
September-17 68 78 89 135 115 14
September-17 69 79 90 137 117 14
October-17 70 80 91 139 119 14
October-17 71 81 92 142 120 15
October-17 71 82 93 143 122 14
October-17 71 82 93 143 122 14
November-17 72 83 94 146 123 14
November-17 72 82 94 144 123 14
November-17 72 83 94 146 122 14
November-17 73 84 96 149 125 14
December-17 75 86 98 153 128 14
December-17 75 87 99 156 129 14
December-17 76 88 102 162 131 15
December-17 76 88 101 159 132 14
December-17 76 88 100 156 131 15
January-18 79 91 104 163 137 14
January-18 80 92 105 164 141 14
January-18 81 93 106 164 143 14
January-18 83 95 108 167 149 14
February-18 78 90 102 159 139 13
February-18 73 84 96 150 127 12
February-18 77 89 101 158 137 12
February-18 78 89 102 158 138 12
March-18 76 87 100 156 133 12
March-18 79 91 104 160 142 12
March-18 78 90 102 157 139 12
March-18 72 83 95 149 125 12
March-18 74 86 97 151 129 13
April-18 73 84 96 149 126 13
April-18 75 86 98 153 131 13
April-18 75 86 99 154 132 12
April-18 75 87 99 154 132 12
May-18 75 86 99 155 132 12
May-18 77 89 101 157 137 12
May-18 77 88 100 156 136 11
May-18 77 89 101 156 137 12
June-18 78 90 102 158 138 13
June-18 80 91 104 160 142 12
June-18 80 91 104 159 142 12
June-18 79 90 102 157 140 12
June-18 78 89 101 156 137 13
July-18 80 91 103 159 141 13
July-18 81 93 105 161 145 13
July-18 81 93 105 162 145 13
July-18 82 94 106 164 146 13
August-18 83 95 107 164 148 13
August-18 83 95 107 163 148 13
August-18 84 95 108 164 149 13
August-18 85 97 109 166 152 14
September-18 86 98 111 168 154 14
September-18 84 96 109 165 152 13
September-18 86 98 110 167 155 13
September-18 86 98 111 168 157 13
September-18 86 98 110 168 156 13
October-18 84 96 109 165 153 12
October-18 80 92 104 159 143 12
October-18 80 91 104 159 143 12
October-18 76 87 99 154 133 12
November-18 78 89 101 156 139 12
November-18 81 92 104 160 144 12
November-18 79 91 103 157 141 12
November-18 75 86 98 150 132 12
December-18 80 92 104 157 143 13
December-18 76 87 98 149 132 14
December-18 75 86 97 147 129 14
December-18 68 78 89 139 113 14
December-18 71 82 93 143 119 14
January-19 73 84 95 146 123 15
January-19 76 87 98 150 129 15
January-19 79 90 101 154 136 15
January-19 79 90 101 154 135 15
February-19 81 92 104 156 139 16
February-19 81 92 104 157 139 16
February-19 84 95 107 161 145 16
February-19 85 96 108 163 147 16
March-19 85 96 108 163 148 16
March-19 83 94 106 160 143 16
March-19 86 98 110 165 150 17
March-19 86 98 110 165 148 18
March-19 88 100 112 167 151 18
April-19 90 102 115 172 156 18
April-19 91 103 115 173 158 18
April-19 91 103 116 173 158 18
April-19 92 104 117 176 161 18
May-19 92 105 118 177 161 18
May-19 90 103 116 175 156 18
May-19 90 102 115 175 154 19
May-19 89 101 114 175 151 19
June-19 86 99 112 173 145 20
June-19 92 105 118 179 156 21
June-19 92 105 119 181 157 21
June-19 95 109 123 187 163 21
June-19 95 109 123 188 162 22
July-19 97 111 125 191 166 21
July-19 98 112 126 192 169 21
July-19 97 110 124 190 165 22
July-19 99 112 126 191 170 22
July-19 97 111 125 189 166 22
Bitcoin vs Gold vs Dollar
Traits of Money Gold Government Issued (US dollar) Crypto (Bitcoin)
Fungible (Interchangeable) High High High
Non-consumable High High High
Portability Moderate High High
Durable High Moderate High
Highly divisible Moderate Moderate High
Secure (cannot be counterfeited) Moderate Moderate High
Easily transactable Low High High
Scarce (predictable supply) Moderate Low High
Sovereign (Government issues) Low High Low
Decentralized Low Low High
Smart (Programmable) Low Low High
Interval SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currency
-1200 to -1150 00 00 00 00 00 00 00
-1150 to -1100 00 00 00 00 00 00 00
-1100 to -1050 00 00 00 00 00 00 00
-1050 to -1000 00 00 00 00 00 00 00
-1000 to -950 00 00 00 00 00 00 00
-950 to -900 00 00 00 00 00 00 00 SampP 500 US Bonds Bitcoin Gold US Real Estate Oil Emerging Market Currency
-900 to -850 00 00 00 00 00 00 00 lt-15 00 00 64 00 00 00 00
-850 to -800 00 00 00 00 00 00 00 -150 to -100 00 00 59 00 00 18 00
-800 to -750 00 00 00 00 00 00 00 -100 to -50 13 00 97 13 15 82 00
-750 to -700 00 00 00 00 00 00 00 -50 to 00 372 408 195 485 390 408 469
-700 to -650 00 00 00 00 00 00 00 00 to 50 615 592 244 495 592 403 531
-650 to -600 00 00 00 00 00 00 00 50 to 100 00 00 154 08 03 85 00
-600 to -550 00 00 00 00 00 00 00 100 to 150 00 00 67 00 00 05 00
-550 to -500 00 00 00 00 00 00 00 gt15 00 00 121 00 00 00 00
-500 to -450 00 00 00 00 00 00 00
-450 to -400 00 00 05 00 00 00 00
-400 to -350 00 00 00 00 00 00 00
-350 to -300 00 00 08 00 00 00 00 64
-300 to -250 00 00 08 00 00 00 00
-250 to -200 00 00 15 00 00 00 00
-200 to -150 00 00 28 00 00 00 00
-150 to -100 00 00 59 00 00 18 00 1000 1000 815 1000 1000 1000 1000
-100 to -50 13 00 97 13 15 82 00
-50 to 00 372 408 195 485 390 408 469
00 to 50 615 592 244 495 592 403 531
50 to 100 00 00 154 08 03 85 00
100 to 150 00 00 67 00 00 05 00
150 to 200 00 00 31 00 00 00 00 121
200 to 250 00 00 31 00 00 00 00
250 to 300 00 00 13 00 00 00 00
300 to 350 00 00 13 00 00 00 00
350 to 400 00 00 13 00 00 00 00
400 to 450 00 00 10 00 00 00 00
450 to 500 00 00 00 00 00 00 00
500 to 550 00 00 03 00 00 00 00
550 to 600 00 00 00 00 00 00 00
600 to 650 00 00 00 00 00 00 00
650 to 700 00 00 00 00 00 00 00
700 to 750 00 00 03 00 00 00 00
750 to 800 00 00 00 00 00 00 00
800 to 850 00 00 03 00 00 00 00
850 to 900 00 00 00 00 00 00 00
900 to 950 00 00 00 00 00 00 00
950 to 1000 00 00 00 00 00 00 00
1000 to 1050 00 00 00 00 00 00 00
1050 to 1100 00 00 00 00 00 00 00
1100 to 1150 00 00 00 00 00 00 00
1150 to 1200 00 00 03 00 00 00 00
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