GDA has spent months working on a special announcement, and we are pleased to share our partnership with Proof Capital Inc. with our readers before announcing it to the public later this week.
While we will still be bringing you key market updates, this edition of the D.A.D. will be a bit different.
Our goal when we started the Digital Asset Digest was to create a direct line of communication with our community so we can give them real, unfiltered access into what the blockchain industry is really like and how partnerships unfold through growth.
Proof Capital Inc. is a private merchant bank and wealth management firm that specializes in private investment in alternative assets. With an investment thesis focused on value identification in alternative asset-classes across underserved industries, they have become increasingly interested in cryptocurrency mining and its high growth potential as cryptocurrency becomes a more ubiquitous financial asset and medium of exchange.
The Rhodium Mining Project is operated by Imperium Investments, a fund focused on monetizing energy. They use Bitcoin, via one of the largest mining operations in North America, as the arbitrage vehicle to convert energy to cash. Imperium maximizes results by being the lowest cost Bitcoin producer. They achieve this through their expertise in international capital markets, financial products, and large scale industrial operational excellence. The Imperium team calls on the principles of hard work, integrity, and ingenuity to build next-generation computing at an industrial scale. The managing partners have a combined 40+ years of experience in industrial-scale project management, venture capital, and private equity. The Imperium team has completed over 1,200 projects/transactions ranging from $5MM to $7B with successful exits >$300MM.
The Rhodium project will be using immersion cooling for their operation, allowing for significant increases in hash rate while not overheating the equipment.
Proof Capital Inc. and GDA Capital have come together to create the joint fund ‘Printing Capital I, L.P.’ GDA Capital and Print Capital Inc. have already contributed $1 million and are in the midst of adding an additional $1 million to the fund.
How Can You Get Involved In Proof Capital Inc.?
To learn more about Proof Capital Inc. and GDA Capital’s investment strategies reach out to mostafa@gda.capital.
Market Summary
Digital Assets – Bitcoin closed at $9,180 Monday morning, down 5.3%, mostly impacted by a 6.3% drop on Thursday as the cryptocurrency tested the key 10,000 resistance level for the fourth time this week. The crypto market as a whole did not fare much better, as Ether fell 7.9% and XRP fell 8.2%. There seems to be no major catalyst to explain the movement, though a CoinDesk article pointed to weakening optimism in the equity markets and a transfer of stolen Bitcoin from the 2016 Bitfinex hack.
Indices – Equity markets finally took a breather after a four-week long rally, as the S&P 500 closed at 3,067 on Monday, down 5.1% for the week. Powell’s comments during his Thursday virtual meeting were more pessimistic than the market anticipated, claiming that unemployment would not return to pre-COVID levels until 2022, and a massive dip in oil drove energy names down to double-digit losses.
Commodities – WTI July futures fell 5.1% as the potential impacts of a second wave of coronavirus came back to the forefront. Brent futures were hit equally as hard. Gold, on the other hand, was up 1.8% as traders returned to more risk-off sentiment.
Although a shorter issue this week, we hope you enjoyed some more insights into what’s going on at GDA and how fundraising really works in the blockchain industry.
