The company’s running leap into the Bitcoin deep end is part of its ongoing hobby of collecting crypto like rare stamps, only with a much higher risk of existential dread. With this latest maneuver, they’re shuffling their piggy bank across the Pacific, from Tokyo’s neon glow to the questionable glamour of Florida.
This little party trick was powered by a delightful cocktail of investor exuberance (three parts optimism, one part legislative schadenfreude). With the US recently passing a stablecoin bill by a margin not seen since people stopped caring about prohibition, Circle seems to be cosying up just behind its larger, louder cousin, Coinbase. Coinbase, currently resting on $78 billion, is surely side-eyeing Circle at this point. A rivalry worthy of a Noël Coward matinee!
This latest mining expedition set them back £15,185,259 (that’s $20,610,000 for folks crossing the Atlantic), each bitcoin costing around £77,122 ($103,290). All told, these bookish prospectors now sit on 543.52 bitcoin—a quirky stash that’s cost them a neat £42,388,373 (about $57,500,000). They say the average coin cost them £77,988 each ($104,450), but who’s counting except the accountants and the poor soul keeping spreadsheets in the basement?
Imagine, if you will, the Cost Basis Distribution, or CBD for short. (No, it won’t help you relax, though your portfolio might wish for that.) This arcane metric examines where the masses last handed over their hard-earned coin for a slice of Bitcoin pie. Picture a carnival game where you try to guess where people last lost their money; now replace the stuffed animals with graphs, and voilà.
