The BTCD asset MMBTCD (
8122396658538927693) has sold out in a little under three days. 1,000,000 NXT were raised from the sale of 200,000 assets at 5 NXT each. Thank you to all investors. You can read the original asset description
here. 600,000 remaining assets have been sent to NXTinspect for escrow (tx 6380943481629195485). These may be used to raise further funds, as necessary, but only if the price reaches 10 NXT. None of the 200,000 assets retained by the issuers - Coinomat, Azeh, Cassius - will be sold below 10 NXT either.
Trading account:
http://nxtreporting.com/?a=NXT-MXYZ-URGH-HTF5-HE9AU&c=EURPortfolio/cash account:
http://nxtreporting.com/?a=NXT-PNVQ-B5RN-QHHR-3BC7U&c=EURAsset update: mutual fund strategyThe aim of the asset is to reward BTCD holders and stakers by bringing liquidity to what is a very thin market.
Payouts will be in mgwBTCD / superBTCD, weekly on Wednesdays, starting 27 May, putting gentle upward pressure on the market.
Asset holders will be aware that BTCD has low volumes and the price has suffered in recent months, for
reasons explored here. Unlike NXT arbitrage and market-making assets, there is very little volume to work with, limiting profits and the potential for dividends/growth/BTCD price increase. It is therefore MMBTCD's intention to inject liquidity into the market as well as work with what there is, hopefully bringing about a virtuous cycle.
This will be achieved by investing a proportion of the ICO funds in a portfolio of revenue-generating assets. The aim is to create a
balanced portfolio, chiefly low-risk and highly reliable assets, with some higher-potential elements such as forex/PAMM. We appreciate that the nature of this asset has evolved and is continuing to evolve with feedback from investors (particular thanks to whale), though its aims remain the same. The purchase of revenue-generating assets as well as bot activity makes it more like a mutual fund than a pure market-maker like MMNXT, which was the initial model. To our knowledge this is the first asset of its kind, similar to a multipool or mining assets in principle (which we do not plan to include), but without the risks inherent in these. We believe this gives the asset a much stronger outlook.
The proposed division of funds is:
- Market-making and arbitrage (AE, Poloniex, Bittrex): 500,000 NXT equivalent
- Revenue-generating portfolio/cash reserves: 500,000 NXT
- BTCD capitalisation is covered by the asset issuers
Coinomat is converting a proportion of the NXT to BTC to trade on regular exchanges. (He can use his own bots to gain a price 2-3% below market for this.)
For the asset portfolio 100,000 MMNXT has been purchased (txs 3243262207740160278 and 5783558449155573656). This will provide a solid baseline of revenue to convert to BTCD. In the coming days and weeks we will be making strategic purchases of other assets. Investors will appreciate that we cannot discuss these openly before purchase because that is likely to lead to opportunistic traders driving the price up.
We'll aim to keep you updated regularly. Please ask any questions here or on Slack.